Kelowna Market Update - September 2008
Kelowna Market Update for all Buyers, Sellers and Investors of Real Estate
By Jaime Briggs
www.BriggsOnHomes.com
The September ’08 Stats for the Central Okanagan have just been released from the Okanagan Mainline Real Estate Board (OMREB).
Here’s what they show…………..
LISTINGS – We currently have 5,590 active listings in the Central Okanagan, Which means we are only 80% over September ’07, (as opposed to an 88% increase last month).
SALES – Sales are still down about -45% for the month of Sept. ’08 vs. Sept. ’07. Again, the high inventory and our economy are playing a major role in decreased sales.
DAYS TO SELL – is now at 92 days on market (DOM) vs. 65 DOM last year. (however please keep in mind that most properties are relisted/refreshed after the 90-100 day mark anyways, so stats are skewed).
AVERAGE HOUSE PRICES – For September ’08 the average price of a SF house has dropped -7.35% to only $475,524.00 vs. $513,223.00 the same month last year. This is GREAT news for home buyers as house affordability starts to come back into their range. HOWEVER, the average house price overall YTD has actually gone UP +7.8% when we compare YTD averages of Sept. ’08 at $511,102 vs. Sept. ’07 at $434,135!
Listening to US Economists on TV last night their biggest word of advice in the states is to "purchase real estate now if you can", and that "buying real estate is still the best investment overall".
The good news for the Real Estate Market, according to Chief BCREA Economist Camereon Muir, is that, “Affordability is improving. The carrying cost of the average home in the province is now lower than at any time since the end of 2006.”
With prices as they are right now, home ownership in Kelowna is actually becoming more in reach for many people (although obtaining mortgages now is a bit more trying...) !
I cannot believe some of the deals and hot buys that are on the market right now in Kelowna. Finally, with the election distraction behind us, we are slowly seeing many investors starting to jump into the market and pick up some of these great deals.
It's a great time to buy........!
For more market statistics and graphs go to www.OMREB.com or go to www.BriggsOnHomes.com