Thursday, 5 April 2012

Kelowna Real Estate Update April 2012

Hi All,

Apologies for delay in my usual update on the latest Kelowna Real Estate sales. I am pleased to report that this is due to a welcome increase in the number of Buyers who have been visiting the area, viewing a variety of different types of properties!

Central Okanagan Real Estate Sales for March 2012


Date

Total

S/Fm

Strata

Lots

Manuf

 Mar - 12

332

180

116

16

20
    Feb -12

277

147

103

13

14

Jan -12

202

223

65

12

12

Dec -11

171

110

52

6

3
    Mar 11 
340

196

108
18

18


As expected the number of sales, are up in all categories compared to last month, but when compared to this time last year single family home sales are down.

I am seeing much greater activity in the market at the moment, and when we look at the number of sales against listings, the ratio was Condos 8.48%, Town Homes 7.38% and Single Family Homes 11.19%. This is much more into balanced market territory, and finally gives some hope to Sellers!

My thoughts on the months ahead.

I do expect the number of listings to increase, as the spring continues, so it will be interesting to see whether sales keep up.

Overall, I am finding things much busier than the last couple of years, and in particular, I am seeing a lot more enquiries for UBCO Condo and Town Home accommodation in the Quail Ridge and Lake Country areas.

This latest activity certainly backs up Cameron Muir's recent forecast for BC, from BCREA, where he is predicting a better market this year for the Okanagan area.

The signs that interest rates are set to rise, are firmly there, so everyone needs to be ready. Providing this doesn't happen too quickly it shouldn't affect the market too much, however I am watching closely to see whether the Government intervenes regarding lending rules again this year, which will impact, particularly on First Time Buyers, who have been very active in the market recently.

That's it for this month, so all that is left is for me to wish everyone a Happy Easter!

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

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