People seem to remain ‘on the fence’ as to whether to purchase new real estate this year, as they continue to ask the question—will prices fall further?
Economic forecasters are predicting that if Governments don’t get the right balance between consumption, investments, government spending and imports -(GDP) , some countries may go back in to recession, which will really put a damper on things.
It is certainly keeping Real Estate prices down in the U.S, and there is plenty of evidence that people continue to make their buying choices south of the border, whereas normally they would be choosing the Okanagan.
June 2010 Central Okanagan Real Estate Stats
Type Total S. Fam Strata Lot Manuf
Jun 10 343 207 97 18 21
May10 384 209 134 19 22
Apr 10 391 217 128 28 18
Jun 09 429 379 147 13 17
June got off to a weak start, following on from a slower May. The weather didn’t help, and it was only towards the end of the month that we started to see more evidence of out of town buyers visiting, both on line and in person.
These results are very disappointing, even against 2009 figures, when we were just starting to see a slow down.
We have now had our first 30 degree days, so hopefully that will be the springboard we need to an improved spell of buying.
There is plenty of product to chose from, and I think the Buyers will continue to find some great value this year.
Coldwell Banker Horizon Realty
Cell 250 864 1707
Web site http://www.mykelownarealestate.com