Central Okanagan Sales Stats for October 2010
Type Total S Fam Strata Lot Manuf
Oct 10 246 149 74 10 13
Sep 10 219 132 72 5 10
Aug 10 269 129 107 15 18
Jul 10 219 122 72 11 14
Jun 10 343 207 97 18 21
Oct 09 406 242 129 16 19
Whilst October did not seem as busy, you can see from these stats. that that more buyers came to buy rather than browse, which is good news.
Within these figures there were some obvious highlights - 14 single family home sales over $1m and 1 sale of $10m.
The bulk of the home sales remained within the 'affordable' side of the market with 123 sales under $600,000.
My forecast for the Central Okanangan Real Estate Market.
It is interesting that as I read information from such sources as the Globe and Mail, and CREA (Canadian Real Estate Association) they are all predicting a down turn in real estate markets. Anything from a modest fall to 'the bubble is about to burst'!
Whilst markets in Toronto and Vancouver may certainly be looking at a downward price correction, areas such as Winnipeg are still holding up well.
In my opinion the Kelowna Real Estate market has largely gone through the painful transition into a much more realistic market. We all knew that house price increases could not be sustained above inflation on an ongoing basis.
I am far more willing to subscribe to the view that basic economics are going to form the basis of our future pricing - i.e. supply and demand.
We certainly have an oversupply of inventory in the valley, and this will continue to affect condo prices in particular.
My current view is that we will see residential property prices be fairly stable over the winter and spring,as the sellers who didn't really need to sell, have decided to hold off for now. The rental market has improved a little, and that option will, in most cases, at least cover their costs.
During the next year, I believe a rise in prices between 2% and 5% is possible, however that is very dependant on consumer confidence, which is in part influenced by interest rates.
The good news is that the Government is well aware that Real Estate related spending forms up to 20% of our GDP and it would be dangerous for the economy as a whole, if the market fell too heavily across the country.
It remains a buyers market here in the Central Okanagan, and correct pricing and good presentation of a property is everything at.
In all cases buyers and sellers should expect to negotiate!
Feedback.
As many of you who read this newsletter are from 'out of town', I would be very interested to know how you feel about the market, both here and in your area.
I encourage you to e.mail me with your thoughts - trishcenci@shaw.ca.
Kind Regards
Trish Cenci
Coldwell Banker Horizon Realty
Cell 250 864 1707
Buyer Protection Plan http://www.buyerprotectionplan.ca - Waiting for the right market to buy or sell your home? Wait no more!
Falling house prices are the greatest concern in today’s market, so wouldn't it be great to say to buyers that if you are emotionally and financially ready to buy this home but you won’t because you are worried that the price of this home will drop, I can assist in protecting you.
This is a valid concern in the current Kelowna market, but then when will they buy? The answer - they're waiting for the price to drop to a magical number, where society tells then it is now safe to buy a home.
The problem is that they really don't know when the market has reached the bottom, until it actually starts to go back up. So they listen to the community, watch and listen to the media and when they feel it is safe to get in, the buyer, and as well as all their competitors jump into the market, resulting competitive offer situations and often they lose the property because they invited competition by waiting for the market to fall to where everyone wanted it and missed out.
The Buyer Protection Plan ( http://www.buyerprotectionplan.ca/ ) is designed to give a buyer the confidence to step out of the herd now and buy that house that they want, by helping and protecting against the prospect of prices falling.
As only a small number of local real estate agents will be able to offer this service in the Kelowna area, I encourage you to view the video on this link http://www.buyerprotectionplan.ca/realtor/trish-cenci and then give me a call to discuss this further.
Trish Cenci
Coldwell Banker Horizon Realty
Cell: (250) 864 1707
This is a valid concern in the current Kelowna market, but then when will they buy? The answer - they're waiting for the price to drop to a magical number, where society tells then it is now safe to buy a home.
The problem is that they really don't know when the market has reached the bottom, until it actually starts to go back up. So they listen to the community, watch and listen to the media and when they feel it is safe to get in, the buyer, and as well as all their competitors jump into the market, resulting competitive offer situations and often they lose the property because they invited competition by waiting for the market to fall to where everyone wanted it and missed out.
The Buyer Protection Plan ( http://www.buyerprotectionplan.ca/ ) is designed to give a buyer the confidence to step out of the herd now and buy that house that they want, by helping and protecting against the prospect of prices falling.
As only a small number of local real estate agents will be able to offer this service in the Kelowna area, I encourage you to view the video on this link http://www.buyerprotectionplan.ca/realtor/trish-cenci and then give me a call to discuss this further.
Trish Cenci
Coldwell Banker Horizon Realty
Cell: (250) 864 1707
Newsletter October 2010
It seems that as we start the month of October, I am more inclined to rave about the gorgeous warm, sunny weather we have had over the last few days rather than the latest Real Estate Stats for the Central Okanagan!!
Sept 2010 Central Okanagan Real Estate Stats
Type Total S Fam Strata Lot Manuf
Sept 10 219 132 72 5 10
Aug 10 269 129 107 15 18
Jul 10 219 122 72 11 14
Jun 10 343 207 97 18 21
Sept 09 382 225 136 11 10
Sadly, as you can see from the latest figures, real estate sales have again taken a downturn.
The encouraging thing is that we have seen more single family home sales, and it has been condo sales that have taken the biggest hit.
Interestingly the average residential sale is currently $466,000 which is only 0.27% below the average last year. Whereas the average Condo price has fallen 9% to $235,000 and the average Town home price has fallen 4% to $341,000.
On the Inventory side there are currently 1666 Residential homes for sale -up 5%, Condos are down 12% to 988 and Town homes are down 0.4% to 493. I believe this reflects the number of condo owners who decided to rent their units this fall.
Summary
It remains a great time to Buy, particularly with interest rates remain lower.
Kind Regards
Trish Cenci
Cell 250 864 1707
Web site http://www.mykelownarealestate.com
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