Sunday, 31 October 2010

November 2010 Newsletter

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

Thursday, 28 October 2010

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

Sunday, 3 October 2010

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