Kelowna Today. I always make sure I’m sitting down before analyzing January home stats but this year we’re showing early signs of optimism. There were 455 residential sales during the first quarter of 2011 with an average sale price of $486,000. The fourth quarter recorded 417 sales with an average sale price of $497,000. The first and last three months of the year produce fewer homes sales than the middle six months but we can still draw some early conclusions. Firstly, prices are remaining stubbornlingly high and Kelowna continues to outpace the rest of Canada in terms of house prices. This is clearly good news for those already lving here but those choosing to wait until Okanagan housing prices come crashing down will have to continue their waiting game. These people are used to waiting though…they’ve been doing it, well, forever.
There were only 115 residential sales this January which is a little troubling. Hopefully this isn’t a canary in the coal mine. With over 1,600 families with For Sale signs on their lawns there wasn’t a lot of activity and few showings. The previous January (2011) only produced 111 sales so perhaps the lesson here for a Realtor is to choose January when making vacation plans instead of July.
As for condominiums….1,304 units for sale and 65 sales in January with an average sale price of $311,000. This is up from January 2011 when there were 61 sales at $292,000. There was a time a few years ago when it looked like there would be more condo sales than home sales some months but that won’t happen this year. You can spin these numbers any way you want but buyers can be happy that there’s a lot of choice and sellers can be relieved that once their place does sell it will fetch top dollar.
Have a great week.
Living in Kelowna,
Andrew Smith and Jo Ann McLellan
Smith McLellan Group
Royal LePage Kelowna
To view homes go to www.Okanaganbc.com
250-979-8066 or Toll Free 1-800-330-5883
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