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A Balanced Market | Listings: UP | Sales: DOWN | Price: STEADY
KELOWNA: With a return to a balanced real estate market, home buyers in the Kelowna area now have a much larger pool of properties from which to choose from. The number of properties available for sale increased to 1,637 in May - a 78% increase over the same month a year ago and the highest level since the mid 90s. Despite this increase, prices remain stable even though the number of sales is down compared to a year ago. "There was a total of 198 sales of single family homes in May 2008 through the MLS®, slightly down from the 241 sales in April 2008 but down from the 330 sales in May of 2007. A significant number of new properties came on the market last month: There were 660 new listings in May. We had a total of 19 residential sales over $1 million last month. The average price of single family homes in Kelowna and area last month was $531,454; as always, the median was lower at $497,500. The average price of all apartments sold in May was $293,016; The median was again, lower at $275,397. The average price of all townhomes sold last month was $404,283; the median price was $359,655. MLS® sales last month included 198 single family homes, 75 apartments, 42 townhomes and in total combined it was 382 units sold in May 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 90's properly exposed and right priced properties will sell.
 

Major Cities Report
Victoria: More Choices Now Available for Home Buyers
Vancouver: Growing supply helps stabilize market conditions
Kelowna: Balanced Market - Listings: UP - Sales: DOWN - Price: STEADY
Calgary: Buyers Need To Pay Attention—Homes Are On Sale Today
Edmonton: A great time to buy a home
Winnipeg: May MLS® Sales Down 5%; MLS® Dollar Volume Up 8%
Toronto: Steady Resale Housing Market in May

Single Family Average Price 2000 - 2008



 
Number of Sold Single Family Dwellings 2005 - 2008



 
Single Family Listing Inventory 2005 - 2008

Active Listings vs Sales 2002 - 2008

 
Feature Property
 
Striking Walkout Rancher with Views

3 Bedrooms | 2 Bathrooms | 1600 sq ft Finished + 2000 sq ft Framed Basement | $589,800

Black Mountain - 1425 Kendra Court

Dreaming of living in a brand new, high quality built 1600 sq.ft. masterpiece rancher with mountain and valley views? You will love this show stopping home featuring 12 ft coffer ceilings, African hickory hand scraped hardwood floors, and dream espresso stain maple kitchen opening onto the view deck. There is an additional 2,000 sq.ft. framed and insulated walkout basement with home theatre ready for your personal finishes. This home boasts a gas fireplace, breakfast bar, extra large windows, built in speaker system in living room, master suite, bedroom and deck. It also includes A/C, built in vacuum, Lowe windows, acrylic stucco and is located on a quiet cul de sac and flat driveway.
More pictures at www.wolfhomes.com.