We hear just about every day the
negative Real Estate predictions by all
sorts of experts. It is very hard to
find good news.
But it seems that the group of the 20
largest economies in the world are
meeting to come up with a plan that will
put us back on track as soon as
possible.
KELOWNA:
The number of property listings in
Kelowna and area came down some in
October, sales came down as well from
September. A total of only 159
residential properties (homes, acreages,
apartments, townhouses) sold in October
in Kelowna and area through the Multiple
Listing Service® (MLS®) compared to the
140 sales in September. There were 210
sales in October of last year.
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Sunny Fall
Day in Kelowna (Poplar
Point) |
The Single family dwellings inventory
dropped by 5% already and we are
expecting it to drop further as people
realize that they can not get the price
they were dreaming of anymore. The
number of all residential properties
available for sale is at 4,363 total.
The average price is down to $462,239
from over $550,000 in April and is
currently at the same level as it was in
November 2007. The median price in
October was at $430,000. The average
price of all apartments sold in October
was at $251,629 down from September at
$269,335; The median was lower at
$242,750. The average price of all
townhomes sold last month was $315,794
down from September $390,062; the median
price was $296,750 down from $395,000 in
September due to the fact that not many
high priced properties are selling. Only
one home sold over $1 Million last
month. The average asking price on
single family homes is $670,000 reduced
to $650,000. The average list price of
sold single family homes was $515,000
reduced to $480,000 and then sold for
$460,000. MLS® sales last month included
only 91single family homes, again like
the last two months, the lowest ever
since the 1980s: only 34 apartments, and
18 townhomes sold, which are all down
from last month. Days to sell increased
again and is at 88 up from 58 a year
ago. Only one lot sold last month on MLS
and that was in Fintry.
Einstein said: "We can't find the
solutions to our problems with the same
level of thinking that created the
problem."
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Conclusion:
In April we still had multiple
offers and since August we are
fighting for buyers. We continue
to be in an extremely
competitive buyers market after
this 180 degree turn around.
Buyers have a golden opportunity
to pick and choose. Listings are
up, sales are way down and just
about everything is marked down
and on sale. Buyers are looking
for that special property. We
are writing offers, doing trades
and are putting deals together.
People are being very careful,
but being too careful may mean
missed opportunities.
Very
Final comment: Great deals are
not found, they are made!
We are not shy to write offers!
So call us for the deal of a
lifetime! |
Major
Cities Report
Victoria:
Property Sales Soften in October; Prices
Remain Stable
Vancouver:
Residential Housing Price Decline
Creates Buying Opportunities
Kelowna:
Great Deals to be Found and Bargains to
be Had
Calgary:
Great Deals for Real Estate Bargain
Hunters
Edmonton:
Edmonton Resale Housing Market Maintains
Stability in Uncertain World
Toronto:
Resale Housing Market Continues to
Reflect Economic Times |
