By Jaime Briggs, REALTOR® www.BriggsOnHomes.com
October 29, 2009
September 2009 stats are out and I am pleased to report that it has been another record month here in Kelowna and the Okanagan!
Residential sales of Single Family Homes were up 60% over last month, and average prices climbing slowly to only -2% below last MTD. Average price of a SFD (single family dwelling) is now $464,131.
SFD inventory is down 18% vs. last year, so it is a GREAT TIME TO SELL YOUR HOME with less options out there for Buyers!
Condos are still struggling somewhat, especially in the new and developer resell market. There are over 1,100 active listings of condos, with an average price of $259,331.
Townhomes had great sales growth in September 2009, with 121% increase in sales vs. last MTD. Average prices of townhomes are $352,370 and are down slightly (-9%) from 2008 at $387,207 average price.
SELLING? - All in all, the market has made a very positive return from the recent recession. Listing inventory is starting to decline which means that there are less options out there for Buyers. If you are thinking of selling, now is a great time to list your property for sale! My listings are quickly selling due to my hard work and marketing efforts. So, give me a call to talk about getting your home sold today too!
BUYING? - If you are still wanting to buy, yes, you have definitely missed the bottom prices of last winter/early Spring. Prices have slowly continued to climb over the past 9 months. So, if for some reason you are still fence-sitting, I would definitely buy now before inventory goes down and prices go back up! The proof of the market turn around is as plain as day and the stats are there to prove it.
Here's what's happening around the rest of the Province . . .
BC Housing Market Gains Momentum
Vancouver, BC – October 15, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 68 per cent to 8,576 units in September compared to the same month last year. The average MLS® residential sales price in the province climbed 15 per cent to $474,169 from $412,149 in September 2008.
"Upward momentum in consumer demand continued unabated in September,” said Cameron Muir, BCREA Chief Economist. “Low mortgage interest rates and renewed confidence in real estate assets has propelled BC home sales to a level not seen in two years.” September posted the highest number of BC MLS® residential sales for that month since September 2005, and the third highest ever recorded for the month of September.
"While Victoria and the Lower mainland are exhibiting strong sellers’ market conditions with rising prices, housing markets in the rest of the province are experiencing a more gradual recovery,” added Muir.
Year-to-date, MLS® residential sales dollar volume increased 6 per cent to $29 billion over the same period last year. A total of 63,521 units were sold in the first nine months of 2009, up 6 per cent from 2008, while the average MLS® price declined 1 per cent to $457,389.