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Buyers never had it so Good!
KELOWNA: With summer coming to an end in Kelowna, August sales of homes followed the expected trend and softened. As many people enjoyed their summer vacation, prices also moderated slightly. A total of 255 residential properties (homes, condos, mobile homes etc.) sold in August in Kelowna and area through the Multiple Listing Service® (MLS®) compared to  551 sales in August of last year.
Today’s buyers now have more properties from to choose from. The number of all residential properties available for sale now is at the highest level ever in Kelowna and area, increasing in August to a total of 4,562. That represents a 102% increase compared to August of last year. Prices moderated last month with 2/3 (two thirds) of all single family homes selling under $500,000. The average price of single family homes in Kelowna last month was $495,449, down from over $550,000 in April 08. This is the first time since 2001 that the average price was lower than the previous year. The median price in August was considerably lower at $461,500. The average price of all apartments sold in August was $275,904; The median was again, lower at $248,500. The average price of all townhomes sold last month was $428,713; the median price was $375,900. MLS® sales last month included only 122 single family homes; the lowest ever since the 80s.  In addition to that, there were also 63 apartments and 36 townhomes sold.  7 properties sold for over $1 million in August, 5 of them were lakefront.

Conclusion: We are in a very competitive buyers market. It is the first time since 2001 that the average price is lower than the previous year. Listings are up 102%; Sales are down 57%; Days to sell is at 67 up from 54 a year ago. We are selling about 6% of the inventory compared to 30-40% in the last few years. This means the property must be properly exposed, marketed and priced right in order to attract a buyer.

Major Cities Report
Victoria: Property Sales and Prices Soften in August
Vancouver: Summer lull sees properties stay on market
Kelowna: Buyers never had it so good.
Calgary: Sellers are waiting too long to make a desirable sale
Edmonton: August residential sales up 18.6% over last year
Winnipeg: Market holding firm in August
Toronto: Resale Housing Remains Steady Throughout Summer Months

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

 
Feature Property
 
MINT, MINT, MINT Family Home

5 Bedrooms | 3 Baths | 2600 Sqft. | Built 2005 | $559,800

Lake Country - 10341 Sherman Drive

MINT, MINT, MINT! You and your family will love this bright welcoming 5 bedrm home overlooking the mountains and valley. It offers a gardener's dream; fenced terraced manicured grounds with vegetable garden, fruit trees and underground irrigation. Includes A/C, fireplace, high vaulted ceilings, French doors, huge family room, walkout basement w/ separate entrance, 2 big relaxing front and back decks and RV parking. Super location by the school and close to parks and trails.... More pictures and tours at www.wolfhomes.com.