Hi All,
January has traditionally been a quiet month in terms of showings and general real estate activity, in Kelowna and the Central Okanagan.
This year, however, I have seen a sharp increase in viewings on properties at all price points and much higher than normal web activity. Other agents are also reporting a similar story.
In looking at the real estate sales figures at the month end, this level of activity has not transferred into increase sales yet, but I will not be surprised to see an increase by the end of February.
Central Okanagan Sales January 2012
Date | Total | S/Fm | Strata | Lots | Manuf |
*Jan - 12 | 202 | 113 | 65 | 12 | 12 |
Dec -11 | 171 | 110 | 52 | 6 | 3 |
Nov -11 | 255 | 145 | 89 | 9 | 12 |
Oct -11 | 265 | 147 | 87 | 12 | 19 |
Jan 11 | 200 | 115 | 66 | 9 | 10 |
*Accurate as at 31 Jan 2012 - may be subject to slight change.
Q1 Real Estate Forecast from BCREA
In case you missed it, the BC Real Estate Association published their Q1 Real Estate Forecast for BC last week. To read the full details please view my Blog Post http://www.trishcenci.blogspot.com/2012/01/hi-all-to-keep-you-up-to-date-with.html
For the Okanagan they are forecasting sales will be up 4.1% in 2012 & MLS® sales prices will increase by a very modest 0.6%.
News for the Quail Ridge & UBCO Area
For those of you who already know me, you will know that I have a real estate office located in the Quail Ridge area, which I share with Tanis Read.
As we have many Buyers and Sellers who are interested in Quail Ridge and UBCO, Tanis and I have just launched a new web site specifically for that area. If you have a moment, do please take a look – www.quailridgerealestate.com and let us know what you think!
Other news from Quail Ridge – we have learnt this week that we are a step closer to receiving a new bus service to the area from September 2012.
We did write to the City of Kelowna last week and received their confirmation on this, but we will need to wait until budgeting is completed in May to know for sure.
This will be particularly good news for some of the student residents in the condos in Via Centrale and Country Club Drive, who are currently walking to school.
Summary
If you are thinking of buying real estate in the Kelowna and Central Okanagan area, now may be the time to start looking seriously.
We will start to see more inventory coming on the market as spring approaches, and pricing will have to be competitive to entice Buyers.
That being said, if sales start to increase, we will move from a ‘Buyers Market’ to a more balanced market, and that is when prices will start to firm up.
Kind Regards
Trish Cenci
Tel 250 864 1707
Email trishcenci@shaw.ca
