This past month was one of those months that no one predicted and sellers shouldn’t get too excited about. The high end buyer showed up, finally, in August and we saw 18 homes sell over $1,000,000. The average sale price of the 209 residential sales was $570,000 which is up significantly from the $491,000 average from July. NO, YOU’RE HOUSE DIDN’T GO UP $80,000 LAST MONTH!

Some months a lot of low end homes sell and the average sale price slips significantly but this month the reverse happened pushing the average sale price way beyond where it should be. There were 50 homes that sold over $600,000 and only 50 that sold under $360,000 which is unusual. The number of homes selling slipped a bit though compared to July ’12 when there were 233 sales but this number is way up from August ’11 when there were only 162 sales. Long time readers of this blog know that 200 monthly sales is what I consider a healthy month. Everyone should be cautiously optimistic heading into the Fall market.

Although 50 homes sold for over $600,000 last month please be aware that there are still 870 homes still for sale priced over $600,000 so we’re still in a buyer’s market.

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Regards,
Andrew Smith

Living in Kelowna,
Andrew Smith and Jo Ann McLellan
Smith McLellan Group
Royal LePage Kelowna
Info@OkanaganBC.com
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AndrewSmithKelownaRealtor/