May 2010 Kelowna Real Estate Market Update
By Jaime Briggs, REALTOR®
www.BriggsOnHomes.com
June 4th, 2010
BC Real Estate Markets Cool Down – May 2010 statistics have just been released and it definitely shows a slowing down period compared to the first 4 months of the year.
Buyers across Canada are impacted by the many market condition changes such as higher interest rates, tighter credit/lending rules and high housing prices. The previous predictions by the Canadian Real Estate Association have now been revised to include much lower forecasted numbers.
In Kelowna we saw the Average home price (SFD – single family dwelling) climb +9.31% from $443,581 May ’09 YTD, to $ 484,856 May ’10 YTD.
The YTD Median SFD home price also rose +8.21% from $411,250 last YTD to $445,000 this YTD.
However, the sales volumes for May ’10 were actually less than last year (2009 was recession year too). Residential sales volumes in the month were down -1.12% or down -.30% in revenues. This was a surprise, seeing as May is traditionally a very busy month for the Spring market.
During May there was a total inventory of 5,561 active listings. Over a 3% increase from last year 2009.
The rising inventories and continued cautious approach of Buyers just means that this is definitely turning back into a Buyer’s market again. Lots of home options and very motivated Sellers are out there!
Read more at: http://www.cbc.ca/canada/british-columbia/story/2010/06/02/bc-real-estate-forecast.html