January 2010 Real Estate Market Update
By Jaime Briggs, REALTOR® www.BriggsOnHomes.com
February 5, 2010
LESS LISTINGS ~ MORE SALES! January 2010 stats are out and I am pleased to report that 2010 Kelowna real estate sales has started the year off with a BANG!
Of course it's not hard to believe that we are up over last year (January 2009), since we were hard in the middle of a recession at that time.
Nevertheless, January 2010 has started out as another record month here in Kelowna and the Okanagan!
Total Units Sold were 252, up +123%, and Sales Volume up +157%, vs. last YTD. The number of Active Listings dropped -11.36% to only 4,120 active listings. Good news for those trying to sell their homes as they will get more exposure!
For those that bought last year (during the recession) you will be pleased to know that our Average Single Family Home Prices have already risen nearly +18% from last year and are now up to $484,065 for January 2010! The Median SF home is now $441,500 up nearly +12% vs. last YTD.
Condos over supply is still causing prices in that market to drop. Condo prices dropped nearly -5% January 2010 vs. last YTD. While condo sales are up vs. last year, the over supply has caused lower prices. Currently there is an alarming 922 condos for sale in Kelowna!
Townhomes sales showed steady growth as the demand for townhouses increases again, especially as the SF home price increases. Average price for a townhome is now $373,785, up +3.59% vs. last YTD. If you are thinking of selling your home, now is still a great time! Your home will get more exposure now as there are less listings out there. Buyers who are looking now tend to be more serious, rather than just shopping around. As Spring gets closer the market will again get flooded with new listings.
If you are thinking of buying, they are predicting mortgage rates to increase sometime before the summer. Don't wait too long!
Also, if you are thinking of buying a NEW home remember that the HST (+12% tax) will kick in July 1st, 2010. A great incentive to get started on that new building project now!