First and foremost may I take this opportunity to wish everyone a Happy New Year!
If you were reading the news and following my blog throughout last year you will know that Kelowna Real Estate went through another tough year.
Sales numbers in 2011 were up on 2010, but it remained a Buyers Market, as can be seen in the chart below showing the Months of Inventory available.
The good news for Sellers is that these numbers are falling, and providing we doesn't see a big increase in new inventory during the spring, we should see things moving closer to a more balanced market.
Other points to note are that the number of days to sell a property in 2011 compared to 2010 did vary according to category -:
Single Family 90 80
Condos 115 118
Townhomes 108 100
Lots 189 236
There was a modest increase in the number of days to sell Single Family and Town Homes while the was a fall in time to sell Condos and a big improvement for Lots.
Central Okanagan Sales Numbers December 2011
*Figures are as at close of business 31st December 2011, and may be subject to slight change.
As you can see from the table above, sales were well down in December compared to November, but up on the previous year. This is quite normal for the Central Okanagan.
My Kelowna Real Estate Forecast for 2012
For those of you who may have missed my Real Estate Forecast for 2012, I have attached a link to my article http://www.trishcenci.blogspot.com/2011/12/kelowna-real-estate-forecast-for-2012.html
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