Kelowna real estate August market update

The worst recession since the Great Depression had a serious impact on housing performance during 2008 and the first quarter of 2009. Consumers adjusted to the new market as the supply of homes available for sale rose and values declined. Surprisingly the real estate market quickly rebounded for the balance of 2009 as first-time home buyers took advantage of low interest rates and move-up buyers followed suit. While the effects of the recession will continue to linger the worst is clearly behind us.

MLS® Statistics for the Central Okanagan area.

The Okanagan Mainline Real Estate Board reported units listed in the month of July 2010 (914) down 16.53% in comparison to July of 2009 (1,095) however year to date listing inventory is up 11.1%.

Units sold dropped dramatically for the month of July 2010 with 239 units sold in comparison to 468 units sold in 2009 translating to a 48.93% decline. However, our year to date sold statistics indicate an increase of 14%.

The average sale price for residential property year to date is $485,968 which is up 7.91% in comparison to the same time period in 2009 which was $450,331.

Kelowna Sellers, contact june@juneconway.com OR 250.317.3136 to determine an attractive list price of your home to distinguish your listed home from today's large active listing supply to ensure that you get where you want to go.

The oversupply of housing inventory offers Buyers an abundance of choice. Contact june@juneconway.com OR 250.317.3136 to assist you with your Kelowna home selection and navigate the variety of financing alternatives available today.