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KELOWNA:
In less than 4 months we took a turn
from a sellers market to a balanced
market and now we are in a buyers
market. Sales of homes and other
properties in the Kelowna area softened
again last month though prices continue
to remain stable. The number of
properties available for sale increased
to 1,822 in June - a 90% increase over
the same month a year ago and the
highest level ever in Kelowna and area.
There was a total of only 165 sales of
single family homes in June through the
MLS®, down from the 198 sales in May
2008. The average price of single family
homes in Kelowna and area last month was
steady at $512,486; as always the median
price was lower than the average at
$475,900. The average price of all
apartments sold in May was up to
$332,994; The median was again lower at
$288,301. The average price of all
townhomes sold last month was $384,743;
the median price was $343,392. MLS®
sales last month included 165 single
family homes, 72 apartments, 47
townhomes plus lakefront properties,
acreages and mobile homes bringing it to
a combined total of 330 units sold in
June 08. Conclusion: Listings are up;
Sales are down; Prices are stable; Days
to sell no change. Which means the
market is good, similar to the mid-late
1990s. Properly exposed and right priced
properties will sell. Buyers have more
options.
There is a new website for listings
in Canada called:
www.realtor.ca
We searched for properties for sale in
Canada for over $5 Million and found 252
properties listed. 12 in Quebec; 53 in
Ontario; 13 in Alberta; 174 in BC.
In Victoria 19, Vancouver 85, Whistler
18 and Kelowna 16.
For comparison, Edmonton has 9,000
listings, Calgary has 10,000, Victoria
4,500 and Kelowna has 4,000 residential
listings available for sale.
Major Cities Report
Victoria:
Sales soften, prices remain stable
Vancouver:
Market activity offers awaited relief
for homebuyers
Kelowna:
Sales of homes softened, inventory
increased, prices remain stable.
Calgary:
The market remains steady during the
month of June
Edmonton:
Dynamic tension between buyers and
sellers in Edmonton market
Winnipeg:
June MLS® sales and dollar volume second
highest in 105 years
Toronto:
The trend toward more balanced market
conditions continued in June |
