First and foremost - Happy Canada Day everyone!
I've had another busy month working with Buyers and Sellers, and when I look at the sales numbers, I am a little surprised to see the figures are slightly down in June.
I blame the weather!! Joking aside, it has been wet this June, by Kelowna standards, and with mudslides on the roads and flooding in the valley, I am sure some of our prospective 'out of town' buyers have decided not to travel.
Central Okanagan Sales Figures June 2012
If I look behind these figures, I see that 185 sales of Single Family homes were under $550,000, which represents 78% on the total single family sales this month. There were only 9 sales over $1 million.
This would indicate that First Time Buyers and Move Up Buyers are still dominating the market.
It will be interesting to see whether the new Government mortgage rules have an impact on this next month.
When I look at condos, there were 79 sales this month, with 48 being under $250,000 ( just under 61%) and only 3 over $450,000. This starkly demonstrates how luxury property sales are still struggling.
Whilst I haven't received the formal OMREB sales figures yet this month, my rough calculations show that active listings to sales for single family homes were 9.45% and Strata 11%.
This does show that slowly but surely we are moving to a more balanced market.
My ongoing thoughts about the Kelowna Real Estate Market
I did read a couple of economic forecasts this last month, and I have to say that I was dismayed to read that they were predicting that Canadian Real Estate could fall in price by as much as 10% - 20%.
As always, they forget to add the all important caveat as to where they feel the bulk of this correction may occur.
We all know that the Vancouver Area is seeing a slow down in Real Estate Markets, and it is the major cities that are likely to see price corrections.
At present, there is nothing in our economic and real estate data, for the Okanagan Valley, that is indicating that this is likely to happen in this area.
I know there are a number of Buyers who are still 'sitting on the fence' to see what the market is going to do, and my answer remains that prices are going to remain steady, and there will always been some Sellers who are really motivated and you will get a great deal.
So my advice is to work with your Agent, and make an offer!!
Tel 250 864 1707