Opportunities Exist For Buyers Like Never Before!

KELOWNA: The number of property sales throughout Kelowna and area have declined in November, again being the lowest ever since the 80's. Buyers have remained cautious due to concerns over the economy and direction of the market. More people are taking a ‘wait and see’ approach with buyers and sellers looking forward to the spring.  Nothing sold over 1 Million last month, however this month, Kelowna has already seen 3 deals for over a Million dollars.

Nativity in Downtown Kelowna

Average prices remained the same last month as October; Maybe this buyers market will not last so long.  All single family homes currently for sale and not sold, started at an average asking price of $666,000, and are now reduced to $642,000. The average asking price of the single family homes that have sold was $527,000, then reduced to $484,000 and then sold for $460,000. Only three lots sold last month on MLS.

Now is a really great time for bargain hunters and buyers who intend to buy long term to purchase due to the lower interest rates, greater inventory levels, and the upper-hand at the negotiating table.  This is not a market for home flippers.  Prices have come down and there are excellent deals to be had. In turn, motivated sellers need to set their prices according to the market. Call us to make you the deal of a life time!


Major Cities Report
Victoria: Cautious buyers lead to decline in November Sales by 57% to 153 single family homes with a sold average price of $524,128
Vancouver: Home sales declined 69.7% to 874 from the 2,883 in 2007. The average price is $745,778 which is down from over $900,000 in the spring
Kelowna: Opportunities exist for buyers with sales down by 55% to 71 single family dwellings sold at an average price of $460,993
Calgary: Only 670 sales came through showing a decrease of 39% from the 1,103 sales in November 2007. The average price of a single family home is $435,471
Edmonton: Housing buyers react cautiously, sales are down 25%. The average price of a single family home is $362,757
Winnipeg: November, the demand is dropping off, sales are down 25% to 656. The average price is $207,000
Toronto: GTA sold 3,640 transactions last month, down 51% from November 2007. The average price of a single family home is $368,582
Single Family Average Price 2000 - 2008



 
Number of Sold Single Family Dwellings 2005 - 2008



 
Single Family Listing Inventory 2005 - 2008

 
Single Family Active Listings vs Sales 2005 - 2008

 
Single Family Percentage of Sales to Listing Ratio 2002 - 2008
(Percentage of How Many Listings Sell in a Month)

 
Feature Property
 
Quality Built - Suite Potential - On Cul-De-Sac

4 Bedrooms | 2.5 Baths | 2719 Sqft. | Brand New | $547,000

Upper Mission - 4939 Haskins Ct.

Superb quality built, bright & exquisitely designed great room concept home featuring over 2700 sq ft. It boasts hardwood floors, tiles, mocha stain birch cabinetry, soaring natural stone gas fireplace, walkin- pantry and main floor laundry room. Offers full master suite complete with walk-in closet, 5 piece ensuite and TV/reading area. There is also a covered patio off the dining room, 2 skylights, A/C, B/I vacuum and high efficiency furnace. The lower level features spacious family room and 4th bedroom which can be easily used for the in-laws. This is a great walkout basement with very private terraced slate patio plus flat driveway. Located on peaceful cul de sac in established family neighborhood only half a block to bus stop and close to linear park in prestigious Upper Mission.... It's the lifestyle! More pictures and information here.