Tuesday, 1 November 2011

Kelowna Real Estate Update November 2011

Dear All,

As I look at the local real estate sales results for this month, they are showing their usual  Okanagan 'slow down' which we tend to see this time of year.

Interestingly, I have continued to be busy this month with a mix of local buyers and sellers, as well as other areas of the Province, looking at condos, town homes and single family in various sectors of the market.

Since the recent price reductions on our Court Ordered sales at the Brookstone Complex in Beaver Lake Road Winfield, I am also seeing increased activity, which continues to prove that price continues to be so important in the current 'buyers market'.

Looking at the level of inventory currently on the market, compared to sales, it is interesting to see that supply is down to between 10 and 13 months, depending on which area of the market you are looking at. This is much better news for Sellers, as we are getting nearer to a more balanced market.

Below are the figures from the Central Okanagan Real Estate Board as at the end of October.

Central Okanagan Real Estate Board Sales for October 2011


Date

Total

S/Fm

Strata

Lots

Manuf

Oct-11*

265

147

87

12

19

Sept -11

289

158

105

11

15

Aug -11

276

145

103

17

11

Jul -11

329

149

130

27

23

Oct 10

246

149

74

10

13

 *Figures are as at close of business 31st October 2011, and may be subject to slight change.

My forecast of the market in the coming months.

As we now head towards winter, we will probably continue to see sales numbers fall, in the Central Okanagan and I expect to see prices hold steady for the foreseeable future.A quieter market is perfectly normal in this area, as there is seasonality to the real estate market in this area.

We are seeing tough times continuing in many economies throughout the world. The Euro - Zone crisis and continuing problems in the US, while not having a major effect on our economy at the moment, may do so in the future.

The 'knock -on' effect  could be a fall in Canadian Consumer confidence, which is already fragile, and this may continue to affect Real Estate Investors willingness to invest in the market again during next year, which will keep demand down and prices fairly flat.

As ever, if you have any specific questions you would like me to answer, please do not hesitate to call or e.mail me.

Kind Regards

Trish Cenci

Tel 250 864 1707.

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