Market in August
is looking like it is going to be the best August in a long time.. When Jo-Ann and I moved to Kelowna 15 years we were told over and over again that the weather dictates the real estate market here. Then July 2010 happened with only 126 residential sales with the previous December generating 131 sales. Huh? Must double check those numbers because Summer 2010 was a typical hot Okanagan summer with Alberta license plates everywhere. Smart readers will recall that the HST was implemented during the Summer of 2010 but nevertheless, since then, our market has turned into a year ’round real estate market and we’re unlikely to go back. Sure, there are peaks and valleys but things don’t stop here like they used to once we put our snow tires on.
Residential sales update
So far this month there have been 144 residential sales at an average sale price of $574,000. This is on pace to obliterate August 2011 when there were 158 sales at $540,000 and we’ve already surpassed August 2010 when there were 138 sales at $535,000. Don’t get too hung up on the dollar amounts because the average sale price so far this year is still less that $500,000 ($497,000)…..we’re just having a good month. The number to look at is the unit sales and we’re on pace to having the busiest August since 2007 when there were 322 sales that month ($552,000 average).
We’re also have a good month on the condominium side. So far, there have been 97sales at $304,000. This compares favorably to the 105 sold in all of August last year at $238,000.
Jo-Ann and I just spent about an hour talking with Joe Ungaro about real estate and I wish we could have been there all day. The issues realtors faced decades ago are strangely similar to today’s and we enjoyed the stories from a life long realtor who’s the son of a lifelong realtor.
It’s been really quiet in the Smith-McLellan household lately with Kierra off to university. We knew the day would come and Jo and I are excited for her, but I didn’t think I would miss all the “girl drama” this fast.