Active listings ….2,261 residential and 1,564 condominiums. This means, purchasers have rarely had such a selection in all price points and all areas of the city. Interest rates are at rock bottom lows and prices are down sharply from the peak of Spring 2008 so no surprise that the number of sales is increasing.
In Kelowna Real Estate June 2012 saw 221 residential sales with an an average sale price of $481,000. This compares favorably to the 216 sold June 2011 with an average price of $475,000. June of last year was the only month of 2011 where we recorded more than 200 sales and this month’s 221 is the third consecutive month of 200 or more. The Good News Part….Kelowna Real Estate Agents may not be grinning from ear to ear, but we’re frowning less with 3 consecutive good months in a row. The Bad News Part…Kelowna home sellers are still faced with long odds when selling with the amount of inventory on the market. I think there should be 700-800 fewer houses on the market in order to sustain 200-220 unit sales. It’s always been important to price your home well when bringing it to market but these days it’s a complete waste of time to overprice and hope for an offer.
More quick comparisons… June 2010 there were only 161 sales at an average sale price of $536,000. Ten years ago, June 2002, 215 sales at $223,000. I remember how big a deal it was when the average price regularly topped $200,000 and how surprised everyone was when a million dollar home would sell. Better stop, starting to sound like an old guy.
There were 9 residential foreclosures last month and there are 76 foreclosures on the market. To those who predicted the high number of foreclosures would impact prices negatively…”Meh!”.
On the condominium side of things. 1,564 units for sale including 79 in foreclosure. Odd how more condos than houses in foreclosure but I imagine if someone is going to stop making payments on something it’s like lier to be the golf condo instead of the principal residence. There were 132 condo solds in June ’12 at an average price of $280,000. There were only 95 June ’11 but the average price was $317,000. Well done condo owners!
Let’s hope everyone has a safe Canada Day long weekend and we’ll see you on the other side. Jo and I might take a day or two off with it being our eldest daughter’s high school graduation and my parents 50th wedding anniversary this weekend. Camera batteries are fully loaded and a big box of Kleenex at the ready.
If you are looking for the best Kelowna Real Estate Deal Call or Text Andy 250-979-8066
Cal for more information https://www.okanaganbc.com/ or view here Kelowna British Columbia homes and condos for sale