Last week here in Kelowna Weekly Housing Update it was ho-hum business as usual in our housing market with all trends continuing. There were 38 residential sales for the week with an average sale price of $472,800. There were 25 condominium sales with an averages selling price of $316,300. Compare this to the same week in 2010 when we generated 35 residential sales ($488,500 avg.) and 25 condo sales ($298,300 avg.). Those who predicted a correction in condo prices will soon have to admit they were wrong (i’m talking to you CMHC).
There are 1,967 homes for sale which makes this a buyer’s market overall. A buyers market is determined by the number of homes on the market being offered for sale compared to the number of sales in a 6 month period. When the number of homes listed for sale out numbers the number of homes sold in the past 6 months then we have a “Buyer’s Market” In a market such as this the buyer will have more room for negotiating on price and items included and sellers are often prepared to bargain a bit more than if they in a “Sellers Market” where the inventory (number of homes listed for sale) is low and more than one buyer is considering offering on the same house. Your Realtor can advise you where the market is in different communities and what the best approach on an offer would be. The ideal offer is to come close to where the seller will accept the offer price but not so low that you insult the owner , that can make the negotiation tempered.
Year-to-date our the Kelowna market has generated 499 sales compared to 450 this time last year (10% increase) and prices are down slightly this year with average sale price being $483,000 compared to $507,400. This is turning out to be a “treading water” type of year with no dramatic price swings one way or the other. This is fine with us!