Saturday, 1 October 2011

Kelowna Real Estate Update October 2011

Dear All,

As well as some gorgeous sunny days, where the temperature reached 30 degrees again last month, this September has been one of the busiest I have had working with Buyers for some time.

The surprising thing I have found in viewing so many properties is the number that are not ‘prepared’ for showing or the number which were difficult to show.

Having chosen a home to make an offer on we have found a variety of complications with such HST, Clearing Title  and agreeing current market value.

In this market, it is so important that Sellers have their homes in the best shape possible ready for showings, and that homework has been done in advance to make sure the sale can progress smoothly, as there is too much inventory for Buyers to choose from, it remains a Buyers market.

Central Okanagan Real Estate Sales for September 2011




Date

Total

S/F

Strata

Lot

Manuf

Sept-11

289

158

105

11

15

Aug -11

276

145

103

17

11

Jul -11

329

149

130

27

23

Jun -11

331

200

90

20

21

Sept 10

219

132

72

5

10

 *Figures are as at close of business 30th September 2011, and may be subject to slight change.
As you can see, the total number of sales are very similar to last month, and well up on last year. With the general activity we have seen during the last month, I think we should see sales numbers holding again next month.
Summary
I still believe local buyers remain the driving force in the market, and particularly first time buyers. 84% of sales this month were under $550,000, but interestingly 11 sales were over $1 Million.
We are definitely seeing evidence of Vancouver Buyers 'cashing in' on the values of their homes and moving to the Okanagan, as it offers such great value.
With the latest Economic Data on the Canadian Economy this week, it does not look like interest rates will be not be rising in the near future, so I am not seeing a threat to the market there. Consumer confidence is, however, fragile as everyone waits to see how the US and Europe deal with their current economic crisis, and what the 'knock on' effect will be in Canada.
It remains a Buyers Market, here in the Central Okanagan, however I do not see any 'bubble' ready to burst here.

Kind Regards

Trish Cenci

Tel 250 864 1707

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