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 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.
Living in Kelowna,
Royal LePage Kelowna
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01
Cal for more information https://www.okanaganbc.com/ or view here mls Kelowna british columbia