March 2010 Real Estate Market Update
By Jaime Briggs, REALTOR® www.BriggsOnHomes.com
April 15, 2010
The Spring Real Estate market is FINALLY upon us here in Kelowna!
After a moderate start to the year, the Kelowna real estate market then experienced a long stagnant period during the Vancouver Olympics, followed by 2-weeks of school spring break.
Now the Sold signs are finally popping up all over, . . . just like the spring Tulips!
March sales recovered the last half of the month. Average home prices were $460,417 for March '10, up nearly +5% vs. March '09 at $438,866.
Year to date residential SFD (single family dwelling) have already increased nearly +7% from last YTD.
Average YTD prices are $466,071 vs. $436,272 last YTD. Be glad you bought last year this time!
Residential SFD unit sales are up over +62% YTD! There have been 442 homes sold this first quarter, as opposed to only 272 homes sold last YTD.
Listing inventory remains high with a total of 4,977 active listings in the Central Okanagan Zone, 1,567 of which are SFD (residential homes).
Recent announcements to Mortgage Rate increases and tighter lending rules, will only heighten this already strong spring market.
If you are thinking of Buying and are still sitting on the fence, don't wait! Meet with a Mortgage Broker today and have them secure a rate for you.
