Tuesday, 1 March 2011

Kelowna Real Estate Update March 2011

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.

For those of you who like to keep in touch by Social Media ...

I am regularly creating updates on the Real Estate Market on Twitter, Facebook and LinkedIn, please connect with me on any of the sites -:

By Twitter - http://twitter.com/akelownarealtor - FOLLOW!

Via Facebook - http://www.facebook.com/pages/Trish-Cenci-Kelowna-Real-Estate-Agent/125895034145271 LIKE!

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Blog – http://www.trishcenci.blogspot.com/ SUBSCRIBE!

I also have two further information websites, which concentrates on the Quail Ridge Residential and Commercial Market, including all the current listings and a site for clients looking for Rentals and Listings close to UBC Okanagan -:

http://www.quailridgerealestate.com/

http://www.ubcokanaganrealestate.com/

If you have any questions regarding this update please either telephone or e.mail me.

Kind Regards


Trish Cenci
 
Tel 250 864 1707
 
Coldwell Banker Horizon Realty

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