Housing Sales Building Momentum What a month we have been having. What are the chances of having four forest fires in a single weekend? Thank goodness they’re all contained now and only three homes were lost.
With the first half of the year complete, the Kelowna housing market continues to rebound from the long, cold, dark Winter we lived through. The most promising statistic for everyone in my industry is the number is homes selling is increasing every month indicating consumer confidence is back and buyers are jumping off the fence and into the housing market again. So far this year, the number of monthly sales are as follows…
January 60 homes sold
Before anyone gets too excited about this, take not that there are still 2,112 residential homes for sale right now in a marketplace that generates about 200 sales per month.
Overall things are terrific for those with homes price under $500,000 but still uncertain for those trying to sell homes priced over $800,000. Over 25% (523 homes) of our current inventory of homes for sale are priced over $800,000 yet there have been only 46 homes sold in this price range. Well priced homes in the $800,000 to $2,000,000 are getting few showings. On the other hand, homes priced in the $250,000 to $500,000 range are selling once priced properly which wasn’t necessarily the case six months ago. This is likely the result of the loss of the Alberta buyer and increased dependance on local first time and move-up buyers to sustain our housing market.
There were 930 sales during the first half of this year with an average sale price of $467,000 which is down from the $500,000 we were getting used to in the early part of 2008 but significantly higher than the $431,000 recorded in the first quarter of this year.
We hope you’re enjoying your Summer and will be in touch soon.