July 13, 2009 - Kelowna Market Update for all Buyers, Sellers & Investors of Real Estate
START SAYING “GOOD-BYE”, TO THE “GOOD-BUYS“….? HOME SALES INCREASED AGAIN IN JUNE!!
June 2009 saw the fifth consecutive month of increased sales in the region. The low interest rates continue to get first time home buyers into the market place as they see the value of investing in their own property vs. paying money every month to a landlord.
As sales drive back up however, so are our prices. June 2009 saw the both the average and median residential home prices again rise to now $454,391.40 (average) and $425,000 (median).
Keep in mind that although home prices have continued a slow steady increase in the last few months, they are still down overall year-to-date approx. 13-15% (vs. last year to date).
First-Time Home Buyers who want to still get into the market are advised to meet with a Mortgage Broker and get a preapproval. Not only will they be able to advise you on how much you can spend on a home, but they will be able to secure and hold a rate for a period of time for you. (typically 30-60 days) This will protect you against forthcoming rate increases.
Buyers who still want to make a move while prices are low, should start looking. As the prices & sales activity slowly begin to climb, we will definitely start saying “Good-Bye” to the “Good-Buys”!
HERE’S THE PROVINCIAL STATS FROM THE BCREA….
- HOME SALES CLIMB FOR FIFTH CONSECUTIVE MONTH -
Vancouver, BC – July 13, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province rose 40 per cent to 9,970 units in June 2009 compared to the same month last year. Activity in the month of June marked the fifth consecutive month of rising sales and the highest level of activity since January 2008, on a seasonally adjusted basis.
"Housing markets around BC continued to post higher sales in June, fuelled by attractive mortgage rates and lower prices,” said Bryan Yu, BCREA Economist. “The larger urban regions of Greater Vancouver and Victoria exhibited balanced market conditions in June, while others have recorded improved market stability. Stronger demand and a decline in home listings are stabilizing home prices in many BC markets."
Year-to-date, MLS® residential sales dollar volume was down 20 per cent to $16.3 billion over the same period last year. A total of 36,329 units were sold in the first six months of 2009, -own 15 per cent from 2008, while the average MLS® price declined 5 per cent to $448,381.
For more market statistics and graphs go to www.OMREB.com or go to www.BriggsOnHomes.com