July 2010 Kelowna Real Estate Market Update - Sales down over -50% !
By Jaime Briggs, REALTOR®
www.BriggsOnHomes.com
August 4, 2010
The July 2010 Kelowna Real Estate market stats have just been released and what a huge drop we've just experienced in sales volumes!
This year, 2010, started out quite promising. January, February, March and April were all up. Then May came around and we dropped flat even with last year for sales volumes (and 2009 was recession year too!). June then went negative, dropping over -20% compared to '09, and now we have dropped over -50% compared to last years sales volumes.
Although sales volumes have dropped significantly, prices have not followed suit, but continue to be more stable.
Single family dwellings (SFD) average home prices rose +11% in July; from $463,000 in July '09 to $513,000 July '10.
Condo sales dropped -56% this month compared to last year, with average condo prices only down -1%, from $259,000 July '09 to $256,000 July '10.
Townhouse sales are also down - 52%, with an average townhouse price down -5% from $369,000 July '09 to $352,000 July '10.
The good news is that prices remain positive compared to last year. Overall average (SFD) home prices year-to-date (YTD) are up +8% from $450,000 YTD '09, to $486,000 YTD '10.
Listing inventory is final dropping slightly too. This past month we had -12% less (SFD) listings compared to last July '09, and -16% listings this past month in all property categories.
With low sales and listings still relatively high I feel we will continue to see a very strong Buyers market over the coming months. The Okanagan continues to be a favourable destination and a 4-season playground for Buyers relocating to, or investing in recreational property in our area.