The Kelowna residential housing market encountered what statisticians might call a “blip” last month. There were 168 residential sales which was better than most anticipated after 3 consecutive slow months but 14 of those sales were over $1 million” 3 were over $3 million and 1 was $10 million. In a community of over 100 000 people and an average household income of about $55 000 these numbers are way out of line of what we can consider normal. Clearly there has been a lot of pent up demand in the high end of the market and those buyers decided this was the time to jump in. This is the good news. The average every day wage earner is still in “wait and see” mode so we aren’t seeing as many $275 000-400 000 sales. Last month’s data skewed the average sale price in Kelowna up to $625 000.
A year ago October 2009 saw 221 sales for the month with an average sale price of $509 000. The 168 sales are a marked improvement over the past 4 months and those who had predicted a tough Winter market might have to take a wait and see approach as sellers appear to be more realistic with pricing and buyers are starting to act. It is always noted by the number of SOLD signs that are visible that the Buyers have stopped just looking and have started making their decision and writing an offer on the homes in Kelowna listed for sale. When the sold signs start appearing in the neighborhoods then it is an indication prices will start to rise and the inventory is reduced. Are you sitting on the fence?? I may be time for you to make a move.
On a personal note Jo-Ann & I are running the New York Marathon on November 7. There will be a total of 45 “000 runners.