KELOWNA: For the past seven weeks, we have seen growing strength in the market. Many people who were waiting to see which direction the market would move to, have now decided it is the time to buy. Affordable prices, low interest rates and pent-up demand continue to fuel this gradual rebound. Should this trend continue, we think we can confidently say the bottom of the market has come and gone before many buyers had a chance to notice. It is no longer the buyer’s market we saw in January 09.  Nonetheless, there are still great opportunities out there for buyers but we need to put those deals together.

The good news is that pricing remains relatively affordable and stable. We are not likely to see significant price gains this year in Kelowna or anywhere else, but more likely a gradual and steady improvement in home values. We were in court with a foreclosure and noticed a lower priced property had 4 offers. We also had double offers on one of our listings recently which again shows us what is happening in the market in the lower price range (meaning $500,000 or less). The Million dollar plus market also improved with 6 sales in June; again a very positive sign of consumer confidence. Our residential listings inventory stayed similar and sales are up. This helped to increase the sales-to-listing ratio percentage to 12.75% (see final graph). The inventory of lots on the contrary, is steadily increasing and is at an all-time high of 904, with only 13 lots or 1.44% of the inventory sold last month.

All in all good news. We are going forward in little steps!
 

Summer is here!

 

Great deals can still be made!

 

 

Major Cities Report
Victoria: Housing Sales Surge The arrival of summer saw a significant surge in property sales throughout the Greater Victoria area along with modest price increases for single family homes and townhomes.

Vancouver: Market conditions drive strong June housing sales The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.

Kelowna: One of the strongest Junes in sales ever. The Kelowna housing market has regained strength inventory and average price is stable.

Calgary: Calgary home sales increase for the sixth consecutive month The number of single family homes and condos sold in June in Calgary metro are both up from the same time a year ago.

Edmonton: Homebuyer confidence creates record real estate results At the mid-point of the year, the REALTORS® Association of Edmonton is confident that the local real estate market has regained stability.

Winnipeg: JUNE MLS® SALES SHOW STRONG RESULTS Home buyers responded in a big way to low interest rates and a good selection of affordable homes to make June 2009 the third best June on record.

Toronto: Resale Housing Market Posts Best June on Record “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”