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KELOWNA:
Our market changed, similar to other
major cities. Buyers have more choices and sellers have to
be very competitive. Our average price is up at
$513,310, the highest July ever, strongly driven by
million $+ sales, which are way up. Our number of sales
are down at only 105 sales compared to 227 in July 09
this represents a 54% decline. I have compiled the
statistics from the last 19 years and this is the lowest
July of single family dwellings sales since 1991. The
good news is, the second half of July was much stronger
than the first half, and we are 8% over last year, year
to date. Our number of solds is at an all time low and
listings at a near record high at 1,833. Our sell-to-listing ratio is way down to 5.7%
for Single
Family Dwellings, 5.7% on Townhomes, 4.1% on Apartments
and only 1.5% on Lots. We feel we have a solid buyers
market, interest rates are low and great deals are
available.
This is not the market for flippers, but the buyers
will get rewarded in the long term and will say as usual, years down the road “I SHOULD HAVE BOUGHT
MORE PROPERTIES WHEN THE MARKET WAS SO LOW.”
The greatest
compliment we can receive are the
referrals from our clients, friends and
acquaintances.
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Some of the many tasty
treats the Okanagan has to
offer! |
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Major
Cities Report
Victoria:
Property sales throughout the Greater
Victoria area in July returned to the
kind of normal level seen in the late
1990s while overall prices declined
slightly compared to June. A total of
527 homes and other properties sold in
July through the Victoria Real Estate
Board’s Multiple Listing Service®, down from the 625 sales in June.
There were 933 sales in July of last
year representing a 43%
decline. The average price for
single-family homes sold in Greater
Victoria last month was $615,004 down
from $649,280 in June. There were 16
sales of over $1 million.
Vancouver:
Home sales activity in Greater Vancouver
was quieter last month than most Julys
over the past decade, with residential
sales, prices, and the number of homes
listed for sale trending downward in
recent months. The number of residential
property sales in Greater Vancouver
totaled 2,255 in July 2010. This
represents a 45.2% decline from
the 4,114 sales in July 2009, which was the
highest selling July ever recorded, and
a 24.1% decline compared to June
2010. Looking back further, last month’s
residential sales represent a 3.7% increase over the 2,174 residential
sales in July 2008, a 41.8%
decline compared to July 2007’s 3,873
sales, and a 17.5% decline
compared to July 2006’s 2,732 sales. The
total number of property listings on the
MLS® in July declined 6.5%.
Since spring, housing prices have
decreased 2.8% compared to the
all-time high reached in April when the
residential benchmark price was
$593,419.
Calgary:
The summer cool down in Calgary’s
housing market continued in the month of
July. The number of single family homes
sold in July 2010 in the city of Calgary
was down 42% from the same time
a year ago. The average price of a
single family home in the city of
Calgary in July 2010 was $464,655,
showing a 4% decrease from June
2010, when the average price was
$481,964, and showing an increase of 6% from July 2009, when the
average price was $436,782.
Edmonton:
The number of homes in the inventory is
giving buyers' choice. Housing prices
cooled and prices for all types of
residential properties dipped slightly.
Single family homes sold on average for
$378,979 in July; a reduction from the
previous month but up 1.5% from what
they sold for last year. Sales dropped
from 1,741 in June to 1,294 in July (a
15% drop) and 43% from the same time a
year ago.
Toronto:
Sales and New Listings are down and the
average
price was up in July. Total sales through the
first seven months of 2010 were up 12% compared to the same period in
2009. but 6,564 sales in July amount to
a 34% dip from the record 9,967 sales
reported in July 2009. New listings, at
10,825, dropped to the lowest level for
the month of July since 2002. The
average price for July transactions was
$420,482, representing a 6% increase over July 2009.
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