Let’s start this update with Kelowna Real Estate good news, then pile on some more good news and maybe end with the scary stuff.
Good News Part I
July housing numbers are in and there were 250 residential sales recorded last month which represents an 8% increase in unit sales over the 231 recorded July 2012. Year to date, there have been 1,469 homes sold compared to 1,323 this time last year. This works out to an 11% increase in sales volume board wide this year. I’ve always thought that things are ok and reasonably healthy when we can generate 200 sales a month here so things are certainly pointing in the right direction this year. It’s unlikely (ok, impossible) that we will be able to sustain a 200 sales/month pace through the 4th quarter but we will eclipse last year’s 2,040 sales sometime in November. Let’s keep it up everyone.
Good News Part II
Average Kelowna Homes sale price last month was $516,000 which is up about 6% from July 2012’s $485,000. Before anyone gets too excited remember that July/August are the months the most lakeshore homes sell bumping up and skewing our averages. Regardless, It’s nice to silence the doom and gloomers out there at least for a little while.
Good News Part III
If you’re buying or selling under $400,000 you’ve noticed a lot more sold signs around town. There are only 437 homes for sale in this price range and we’ve recorded 655 sales this year. Sellers’ Market anyone? 4 ½ months of inventory on the market right now.
If you own a home and are priced over $900,000 I hope you have one of those long lasting industrial type for sale signs built to endure four seasons. There are 445 homes for sale priced over $900,000 which represents a significant part of Kelowna’s housing market but we’ve generated 67 sales all year in this price range. Let’s do the math together..67 sales this year equals approx. 9.5 sales/month this year. 445 divided by 9.5 works out to 47 months of inventory (THAT’S FOUR YEARS). Those prices have to come down folks and when they do it will have a ripple effect on the rest of the market.
Jo-Ann and I hope you’re enjoying your Summer and look forward to hearing from you soon.
Please forward this to anyone you know thinking of buying or selling in Kelowna
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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