They’re everywhere it seems. If you’re trying to sell your home in Kelowna, and it’s priced over $700,000 you might have to get comfortable with that for sale sign out in your front yard for a while. There are 435 House of Rich for these homes on the market right now and there have been 109 sales in this price bracket so far this year. This translates into 33 months of inventory assuming a constant rate of sales and no new inventory on the market. Yikes!
The numbers are even more stark for the 218 homeowners with houses priced over $1 million since there have only been 37 of these homes that have sold this year. Keep reading though because the news does get a lot better for the rest of us who own homes in more popular price brackets.
There have been 800 sales so far this year in the $300,000-500,000 range (residential….not condos) and 643 residential single family detached currently for sale in the $300-500m range. This ALMOST makes it a balanced market for the first time in a while with 6 months’ of inventory on the market. In this range, a well priced home, in a decent area will always sell in a reasonable amount of time. Phew!
Overall, August 2011 was a pretty good month. 189 residential sales compared to 138 last August. The Aug ’11 average sale price was $547,000 compared to $553,000 last August. In summary, more sales and prices flat. I think we can all deal with this considering what’s happening in other North American markets. Treading water isn’t always a bad thing. Putting things into a historical perspective the average sale price for August 2006 was $480,000 and ten years ago it was $210,000.
Thanks for reading….next update will be on condominiums, I promise.