August 2009 Real Estate Market Update
By Jaime Briggs, REALTOR® www.BriggsOnHomes.com
September 17, 2009
REAL ESTATE MARKET RECOVERING! ~ It's great to see all the positive news in the media lately about the quick recovery of the real estate markets, both here in Kelowna and throughout the main centres in BC.
The August 2009 Sales Stats for Kelowna show a clear picture of this market recovery. August 2009 Total Sales Volume was up nearly 28% over last August '08. Although YTD numbers are still lower due to the lag caused by the slow first 2 quarters of 2009.
Total listings are down YTD -17.35% vs. last YTD. This decreased inventory is good news for sellers and has helped with some price stabilization.
Total number of residential sales for August 2009 are up nearly +40% vs. August '08 and up nearly +30% in sales dollar volume.
It's still a great time to buy! The average price of a SFD (single family dwelling) has dropped -11.22% year to date from $513,918 August '08 YTD to $456.235 August '09.
Average Condo prices have dropped -13.66% YTD from $293,770 August '08 YTD to $253,650.
The highest number of sales in August '09 were in the $320k - $520K price range, with the Upper Mission still obtaining the highest prices in total sales.
Here's what the rest of the BC Market looked like:
August Home Sales Continue at Brisk Pace
Vancouver, BC – September 11, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 66 per cent to 8,565 units in August compared to the same month last year. The average MLS® residential sales price in the province climbed 12 per cent to $471,078 from $421,685 in August 2008.
"Homes sales continued at a rapid pace in August,” said Cameron Muir, BCREA Chief Economist. “Attractive home prices and low mortgage rates were key drivers in the market."
The number of active residential listings declined 20 per cent over the past year, with August posting 26 per cent fewer active listings than the peak in December 2008 (seasonally adjusted). “Home prices edged higher in many markets over the summer months as declining inventories created competition among homebuyers for the best properties."
Year-to-date, MLS® residential sales dollar volume declined 2 per cent to $25 billion over the same period last year. A total of 54,945 units were sold in the first eight months of 2009, up 1 per cent from 2008, while the average MLS® price declined 2 per cent to $454,769.