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A Buyers Market | Listings: UP | Sales: DOWN | Price: STEADY
KELOWNA: As we all know we are now in a Buyers Market here in Kelowna. Sales of homes and other properties in the Kelowna area softened again last month. Average prices are still relatively stable without any evidence of dramatic up or down swings. The number of properties available for sale increased to 1,952 in July - a 98% increase over the same month a year ago and a record; the highest level ever in Kelowna and area. There was a total of only 145 sales of single family homes in July through the (MLS®), down from the 165 sales in June and down from the 241 sales in July of last year which is a 40% decline. The average price of single family homes in Kelowna and area last month was again steady at $512,811 and up 7% over last year; as always, the median was lower at $479,714. The average price of all apartments sold in July was at $315,707; The median was again lower at $278,559. The average price of all townhomes sold last month was $396,086; the median price was $353,708. MLS® sales last month included 145 single family homes, 74 apartments, 36 townhomes (plus waterfront, acreages etc.) and in total all units combined it was 307 units sold in July 08 compared to 497 in 2007 a 38% drop.

Conclusion: Listings are up 98%; Sales are down 40%; Price is stable; Days to sell is at 64 up from 48 a year ago a 33% increase. We are selling about 7% of the inventory compared to 30-40% in the last few years. Which means the property must be properly exposed and priced right in order to attract a buyer.

Here is what Ozzie Jurock, the real estate guru from Vancouver says “Worst scenario 3 year downturn with 17% decline in prices”
http://www.youtube.com/watch?v=s90QhQvBgyA

Major Cities Report
Victoria: Summer sales soften - most prices show little change
Vancouver: Month-over-month housing prices retreat from record highs
Kelowna: Average prices remain stable; Sales of homes softened; Inventory increased.
Calgary: Summer market still favors buyers; But for how long?
Edmonton: MLS® sales in July up 14% compared to last year
Winnipeg: Back to back record months, July sales UP 13%!!
Toronto: Greater Toronto Area resale sousing stable in July
Single Family Average Price 2000 - 2008



 
Number of Sold Single Family Dwellings 2005 - 2008



 
Single Family Listing Inventory 2005 - 2008

Active Listings vs Sales 2005 - 2008

 
Feature Property
 
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