Friday, 1 June 2012

Kelowna Real Estate Update June 2012

Hi All,

I know this is a cliche, but I can't believe it is June already. Where the weather has seemed to be a little cooler again this spring, it feels like we should be starting May!

As I look back, it was 7 years last month that I moved to Canada. I can remember thinking how hot it was when I arrived - 25 to 27 degrees. As it rained on our last long weekend, it reminded me of a rainy English Bank Holiday Weekend!!

Central Okanagan Sales Figures for May 2012



Date

Total

S/Fm

Strata

Lots

Manuf

 May-12

419

223

154

23

19
    Apr -12

334

199

112

13

10

Mar -12

332

180

116

16

20

Feb -12

277

147

103

13

14
    May-11 
355

196

131
15

13


I am pleased to say the sales figures for the last month are finally starting to reflect the higher level of activity I am experiencing in Kelowna Real Estate ! The figures showed good gains in all areas of the market.

In looking more closely at this information, it is still the single family home sales that show the biggest numbers , especially in the $300,000 to $400,000 price range. I am certainly finding, as I telephone for viewing appointments, there are a lot more properties which have offers pending.

These figures make logical sense, when you look at the Buyers Survey Results. It continues to be 'move up' buyers, locally, who are taking advantage of the 'Buyers Market' we are still seeing in the Central Okanagan.

Although things seem a little more 'subdued' in the Lower Mainland, I am starting to see more out of town buyers making enquiries, and I expect that to continue for at least the next couple of months.

My Forecast Ongoing


The more I read, the more I don't think interest rates are going anywhere fast for the rest of this year, so if you are worried about locking in to a mortgage rate, I don't think there is any need to panic.

Home affordability and the Global Climate are certainly keeping people feeling pessimistic generally. I was surprised to read, in a recent survey, that 73% of BC residents believe we are back in a recession. I think it's time for the media to ease off a little!

In Kelowna the overall feeling about the market is much busier than last year, but sale prices appear to be staying flat for now.

As always, if you have any specific questions you would like me to answer about the local real estate market, please feel free to contact me.

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

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