Wednesday, 1 August 2012

Kelowna Real Estate Update August 2012

Hi All,

I am pleased to say that the weather has finally decided to co-operate this year and we are now enjoying gorgeous sunny weather here in Kelowna.

With the heat comes thunder storms, and we experienced our first  full forest fire this week, on the West side of Kelowna,  which is now hopefully under control.

In the Kelowna Real Estate market, it has continued to be busy, and as you can see below, sales numbers have been holding steady for 3 months in a row now.


Central Okanagan Sales Figures July 2012



Date

Total

S/Fm

Strata

Lots

Manuf

Jul - 12

410

233

131

31

15
 Jun - 12

410

235

142

19

14

May -12

419

223

154

23

19

Apr -12

334

199

112

13

10
    Jul -11
329

149
130
27

23


Single family home sales still dominate, with 180 of the 233 sales being under $550,000, with 10 sales over $1 million. 

This continues to suggest that 'first time' and 'move up' buyers are still taking advantage of the low-interest rates. 

Personally, I have seen very little impact on clients buying habits, following the change to the Mortgage rules, so far.

During this month, I have been involved in two multiple offer situations, which is an indication that there is a stronger level of activity from Buyers. Something, I have not written about in some time!!

Ongoing Outlook.

With our latest economic figures showing some weakening in economic growth, I do not believe the Bank of Canada will even think about increasing interest rates for now. This will give continued encouragement for 'first time' and  'move up buyers' to continue to be active in the Kelowna Real Estate Market.

I therefore expect to continue to see improved sales numbers over the next few months, compared to last year, but I see prices staying flat.

So as you see the media headlines talking about falling sales and falling prices in Canada, my view is they will not be talking about the Kelowna Real Estate Market!

Enjoy the summer!


Kind Regards


Trish Cenci


Tel 250 864 1707

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