Kelowna’s market 2013
First things first…Kelowna’s real estate market is still in what we all refer to as a Buyers Market. Almost 2,000 homes on the market and a typical month sees us record about 200 residential sales. We would need about 330 sales a month board wide before anyone could declare this a balanced market but we’re inching closer. Last month’s stats were impressive with 282 sales reported.
Real estate Market
Compare this to May 2012 when we saw 223 sales (and we were optimistic then too) or even April 2013 when there were 239 sales. 282 sales in May represents a significant leap forward towards sellers getting their swagger back. Even the most ardent doom and gloomer lurking somewhere in a dark corner of the internet would have to agree things are getting better out there. Open houses are well attended and purchasers are being forced to make decisions quickly these days because waiting a day or two might mean someone else scoops up that house.
Low interest rates
Reasons to be optimistic if you’re a seller include low interest rates, a strong Alberta housing market and a trend toward more sales and less inventory. Reasons to be pessimistic are that there is a huge glut of high priced homes still for sale. The average asking price for all 1994 homes for sale right now is an eye-popping $811,000 and the average sale price last month was $474,000. Clearly homes in more affordable areas are selling quicker than less affordable areas but the gap between $811,000 and $474,000 has to narrow.
Prices remain unchanged month to month. The average sale price for April 2013 was an identical $474,000. One year ago the average price (May 2012) was $529,000.
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