First Quarter Update…and playoff predictions
The first quarter report card is in for the Kelowna market and the results are a “B”. We generated 451 sales for the quarter with the average house selling for $480,000. The same quarter in 2010 produced only 431 housing unit sales which means buyers are out early and we can confidently predict a successful real estate year. The average price this time last year was $510,000 however the majority of sales has come from the local “move up” buyer instead of the out of town buyer.
The month of March saw a virtual tie in prices with the average in March 2011 being $486,000 compared to $489,000 for March 2010. There were 201 sales last month which is encouraging for the rest of the year. No one is predicting what will happen to housing sales with the federal election but I don’t imagine it will have much impact. We’re all so accustomed to voting anyway.
I just returned from a trip to Victoria for a few days visiting real estate offices. I sat in on a meeting and couldn’t believe the prices there. Every other new listing being reported was over $1 million. It certainly is a beautiful city and I can understand why people choose to retire there. I was particularly impressed with the senior citizens going for their daily long walks in the pouring rain with their Tilley hats and the look of steely determination. I hope that’s me some day.
This time next month when I write about April housing numbers, I predict the Canucks and Red Wings will be on a collision course for the Western Conference finals while Boston and Washington shine in the east.