Kelowna’s housing industry
….Increased! It was a tight race down to the last day, and ya ya I know February had an extra day in it this year,nevertheless, 260 sales Jan/Feb 2012 compared to 259 Jan/Feb 2011. Here at the Smith – McLellan Group we will never overlook an opportunity to report something positive in Kelowna’s housing industry. 260 homes selling for the first two months is a healthy number that we can build on moving forward this year. So far, buyers are much more active in the more affordable parts of town with the bulk of the sales happening in the $320,000 – $360,000 price range. Last year, the $360,000-$400,000 range was the most active. Consequently, the average sale price for residential homes has decreased from $470,000 to $440,000.
Condominium sales are also up with 168 sales this year v. 147 in early 2011. Let’s see if the condo drought is over.
Our real estate board published a survey on where our home buyers are coming from. As expected, the majority (57%) of our buyers are local. As for the rest…15% Alberta, 11% Vancouver area, 8% rest of BC, 6% rest of Canada and overseas 2.5%. My first comment here is “have the Americans forgotten about us?”. Secondly, with 43% of our buyers coming from out of town it’s no wonder prices are so much higher than the Canadian average.
First time buyers
represented 21% of all transactions last year and move-up buyers 24%. I don’t have access to historical data so I can’t really comment if this number is shrinking or growing but I imagine first time buyers are going to increase this year with the average sale price declining.
Have a fun Spring break if you’re on vacation with kids somewhere. Happy St. Patricks Day. Bye for now from the folks keeping you up to date on Kelowna Real Estate.