Welcome to April Market time in the Okanagan everyone.
This is the my favourite time of the year when Jo and I abandon that wretched morning spin class and take our bikes outside again.
First things first….Kelowna real estate news. Re/Max Kelowna sold Diane Parker’s listing from Royal LePage on Sonoma Pines late in the day on April 30th for our board’s 200th sale of the month. I know it’s just a psychological barrier but it’s terrific to be able to report a monthly sales stat that starts with a “2” again. We had 172 sales in April 2011 so the trend is certainly upward. The average sale price last month was $504,100 compared to $488,000 the previous April. We broke through the half-million dollar barrier because of 8 sales over $1 million last month. There are still 2002 homes on the market so let’s not get too excited. We would need to be generating just over 300 sales per month to be in a balanced market.
Looking at the data a little closer. Let’s start with “normal people” numbers. In the $300,000-400,000 price range there are 364 homes for sale and we generated 52 sales last month. Not bad.
In the $400,000-$500,000 range there are 422 homes for sale with 69 sales last month. Even better.
If you’re one of the 336 homeowners with a home for sale over $1 million, things are a little more encouraging but there were still only 8 sales in April. Something has to give here….either a lot of the 336 homeowners have to be more realistic or we need to start selling 50 sales a month. Stay tuned.
I’ll close with an interesting stat….there are more homes for sale in Kelowna priced over $1 million (336) than under $375,000 (332).
In other news, we all have a night off every second night with the Canucks exiting early from the playoffs so a lot more time to write blogs or hang out with the kids. Emmet and I both watched NY Ranger/Capitals triple overtime game last night and I switched channels at one point to take a quick peak at American Idol only to switch back to find out we missed the final goal and the game was over. It was a quiet breakfast this morning. My bad.
If you are interested in joining us for a bike ride this Sunday give Andy a call.