Good news!! Last month, I reported the first signs of optimism for the Kelowna Real Estate market, and this is borne out in the sales figures for the end of February, which show the best sales figures in several months, with Single Family Homes sales and sales of Strata properties being broadly in line with this time last year - see below.
It has been a ‘go – stop – go’ month, with the start being very busy, then it quietened down and towards the end of the month it was busier again.
As I reported, in my Blog, last week, BCREA are predicting an 8.8% increase in sales for the Central Okanagan this year, and this would certainly seem achievable. I am starting to see an increase in ‘out of town’ buyers returning to the Kelowna market, looking for investment property, and the BC Economic news is also looking brighter.
My note of caution to this report is that whilst this will be good for sales numbers, I do not believe in the short to medium term that we will see rising prices this year. I do see pricing remaining fairly flat, as we continue to be oversupplied with inventory ( see my report earlier this month http://trishcenci.blogspot.com/2011/02/what-is-state-of-real-estate-market-in.html ).
Central Okanagan Real Estate Stats February 2011
Type Total S Fam Strata Lot Manuf
Feb 11* 249 142 86 7 14
Jan 11 200 115 66 9 10
Dec 10 157 93 46 10 8
Nov 10 199 117 68 7 7
Oct 10 246 149 74 10 13
Feb 10 270 140 89 21 20
*Figures as at close of business of business February 28 2010, which may be subject to small change.
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Coldwell Banker Horizon Realty