Did the Central Okanagan buck a provincial trend in August or am I reading our MLS numbers incorrectly?
Earlier this month we reported 205 residential unit sales at a $573,000 average August 2012 compared to 158 units sold August ’11 at $540,000 average. Both average sale price and units sold up significantly august over august. I’m not sure why or how we bucked the provincial trend last month and the numbers appear to way outside the statistical margin of error. The provincial average sale price was down 25% August over August and units sales were down 18%. There were clearly a lot of high end homes selling in Kelowna this past August compared to a year ago, and a lot more homes did sell, but I’ve never seen our market outperform the rest of the province so significantly. Only time will tell if this is a blip or the start of an upward trend.
According the the BC Real Estate Association, overall sales in Kelowna are up 17.4% this year compared to the same point last year. We’re the 2nd most improved real estate board only behind “Northern Lights” board. A gold star to anyone who knows where the Northern Lights real estate board is.
‘Til Next Time,