Are Kelowna home owners allowed to breath a sigh of relief yet? Did we slay the recession monster or is it going crawl up off the ground and subject us to another long,cold, dark winter?
August 2009 saw 209 residential sales with an average sale price of $521,000. Those in the “the glass is half empty” crowd will look at August 2007 where we recorded 311 sales while the “half full” crowd will look at the same data and compare it to August 2008 when we recorded 139 sales. I think August 2007 and August 2008 were both unusual months and this past August represents a normal month with few surprises. Mercifully lakeshore homes are selling again as our market recorded 8 sales last month over $1 million.
The average sale price last month was $521,000 up from$504,000 in July and $486,000 in August. The reason being the 8 lakeshore homes selling skews the averages higher. Everyone is certainly in “wait and see” mode as to weather or not the high end purchaser has awoken after a long slumber or if last month was just an anomaly. If you are looking for a home under $500,000 it could be a wise decision to start the search before this price range starts to move up
There are only 18 single family homes for sale in Lakeview Heights, Dilworth Mountain, Glenmore/North Glenmore and Rutland priced under $350,000,which make pickings slim for buyers in these traditional middle class neighborhoods. Of the 180 homes for sale in Upper Mission there are only 2 for sale under $450,000 in this tony upscale neighbourhood. There is still too much inventory in this city in the $600,000 and up range with 858 homes on the market.