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KELOWNA:
The number of single family property sales throughout Kelowna and area (66) have declined in December. This was the second lowest ever since the 80's; the lowest being in 2000 at 59. Times of turmoil,
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Happy New Year! |
from which we always emerge, offer excellent opportunities to buy quality real estate. For those whose personal finances allow them to get involved, there are opportunities in today’s housing market that have not been seen in many years. A total of 4 homes sold for over $1 Million last month, averaging $1.5 Million.
Average prices went up in December to $486,910 from $460,992 in November because we had some properties selling for over a million dollars; maybe this buyers market will not last too long. 117 residential properties sold in total in December and 25 were over $500,000 which is only 21% of the total sales and only 1.7% of the listings available.
For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the ‘bottom’ of the market. The reality is, people tend to buy when prices are going up, not when they’re going down. Call us to make you the deal of a lifetime!
Great deals are not found, they are made!
Major
Cities Report
Victoria:
Total sales of homes and other properties fell by 27% compared to 2007 The average price of single family homes in Greater Victoria last month was $548,025
Vancouver:
2008 brought improved housing affordability which was a relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.
Kelowna:
Average price went up to $486,910 from Nov. Most activity is under $500,000 and inventory in December was down from November.
Calgary:
Sales activity slowed considerably in December totaling 449; a decrease of 47% from the 846 sales in December 2007. The average price was $373,761
Edmonton:
Buyers have choices. December residental sales are down 29%. Average price of a single family home was $351,870
Winnipeg:
The highest sale price was $740,000. 64% of all sales is selling under $200,000.
Toronto:
2,577 sales in December 08, compared to the 4,646 in 07. The average price in December of 2008 came
in at $361,415, compared to $394,931 last year |
