Transitional Kelowna real estate market

Today I am in the midst of providing an out-town-colleaque with an opinion of value for a family members Kelowna home.  It has been on the market for four months at an affordable price but has not sold.  So I was asked to determine what is its value today.  A quick scan of Okanangan Mainline Real Estate Board stats quickly put things in perspective -  the first three months of 2010 realized increasing monthly sale activity in contrast to the past three to four months where monthly sale totals have been declining.

July 2010 vs June 2010

• -34.08 % Central Okanangan
• -39.39 % Kelowna, City of
• -27.63 % West Kelowna, District of

This transitional market time is deceiving.  Year-to-sales show increasing sale activity totals compared to same period 2009.  In contrast as 2010 progresses, monthly total sales are lessening each month.  To further complicate an understanding of today's real estate market monthly average and median prices show modest gains each month.  Confused?

It is just a matter of time if the above trend continues to see a turn in ytd totals, monthly ytd average and median prices, that is to show decreases rather than increases.

Central Okanagan transitional market means it is leaning away from Sellers in favor of Buyers. Seller's on the market  or coming onto the market have to be priced "sharp".   For Buyers it is a "window of opportunity" for property selection and potentially softer prices.

Previeiwing the real facts what this all comes down to is I advised my out-of-town colleaque to "jump ahead"  rather than "fall behind" with the current list price of a family members property  - a $12,900 price adjustment now to sell within the next couple of months.  The property was listed at the transitional market time taking sales from the first three months of this year.  It has not sold.  Condition is not a factor as it shows very well.  It's current list price is the culprit so-to-speak - too high for today.

Whats your home worth?  For your real estate answers contact june@juneconway.com OR 250.317.3136

City of Kelowna includes the areas of Black Mountain*, Dilworth Mountain, Ellison*, Glenmore, Joe Riche*, Kelowna North, Kelowna South, Lower Mission, North Glenmore, Rutland North, Rutland South, Southeast Kelowna, Springfield/Spall, University District and Upper Mission. *Portions of fall under the jurisdiction of Regional District of Central Okanagan.
 

District of West Kelowna includes Glenrosa, Lake Heights, Shannon Lake/Smith Creek, Westbank, West Kelowna and Westside.

Central Okanagan includes Beaverdell/Carmi, Black Mountain, Big White, Carr's Landing District, Dilworth Mountain, Ellison, Fintry, Glenmore, Glenrosa, Joe Ritchie, Kelowna North, Kelowna South, Lake Country East/Oyama, Lakeview Heights, Lower Mission, Lake Country West, North Glenmore, Peachland, Rutland North, Rutland South, Southeast Kelowna, Shannon Lake/Smith Creek, Springfield/Spall, University District, Upper Mission, Westbank, West Kelowna and the Westside.