Wednesday, 1 June 2011

Kelowna Real Estate Update June 2011

I am sure a number of your, particularly Sellers, will be anxiously waiting to see whether sales numbers have increased this month, after the fall last month.

Well I am pleased to say that they have, but they are still down on the last two years.

Central Okanagan Statistics for May 2011

Date        Total     S/F    Strata    Lot   Manuf

May 11    328    184      119        13     12

Apr 11     285    161       89         12     23

Mar 11     324    185     105        18     16

Feb 11     249    142       86          7      14

May 10     372    202    130         18     22

May 09     367    215    132        11        9

*Figures are as at close of business May 31, 2011 and may be subject to minor change.

My advice, to Sellers, is not to be too downhearted though! Everything from the garden, to the arrival of the Humming Birds has been weather delayed, this year, by 4 to 6 weeks!

Real Estate sales are no exception. Whilst we have started to see 'out of town' buyers looking, and I am starting to see an increase in showings on some of my 'lifestyle' type properties, the numbers are still down on previous years.

For Buyers, when you a ready to start looking, there are some really great deals around, and it remains a Buyers market, and will be for some time to come. 

The additional good news is that the ongoing forecasts for interest rate increases are now revised until September, and there are still some really good mortgage rates to be found in the marketplace.

In the recent past the demand for properties in the Central Okanagan has been affected by speculators who were looking to 'buy and flip' properties as there were good profits to be made. Now the market is being driven by local buyers, clients looking for vacation homes and investors who are prepared to 'hold' on to their investments for the long term, which is a far more sustainable Real Estate Market to be in.

By the end of this month, I hope to report stronger sales in the real estate market and lots of summer Okanagan sunshine!

Kind Regards

Trish Cenci

Tel 250 864 1707

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