Phew! Glad To Hear This Recession Everyone Talking About Is Finally Over
Time to take a moment or two and look at condominiums and how they have been selling this year. In most areas of the country condominiums are sold to either first time buyers or last time buyers. Here in Kelowna we also sell to Albertans and children of Albertans.
As of today, there are 1,581 active condominiums for sale in Kelowna ranging in price from $129,900 up to $5.5 million. So far this year (thru May 31st) there have been 410 condo sales at an average sale price of $290,800. Compare and contrast this with the first 5 months of 2008 where there were 682 sales at an average sale price of $320,000. All in all, if you’re a condo owner in town, I can’t imagine any further losses in equity since we’ve survived the slowest time of the year (Winter) and prices have increased (albeit marginally) every month since February.
2009 Units Sold Average Price
January 41 $287400
February 51 $275,000
March 81 $279,800
April 105 $284,300
May 132 $309,800
Phew! The Recession Everyone Talking About Is Finally Over
Not so fast. Let’s take a look back to May 2007 when we recorded 213 condo sales at an average price of $311,000. We’re quite a ways from 200 monthly sales which should cause for concern with almost 1,600 units for sale AND these numbers don’t include new construction projects. The good news though is that we’re in the middle of a steady climb in both sale prices and total number of sales. I don’t think we will see average condo sale prices drop below $300,000 again so this might just be the right time to consider purchasing.