August 2010 Kelowna Real Estate Market Update - Sales slightly down, prices stable
By Jaime Briggs, REALTOR®
www.BriggsOnHomes.com
August 2010 Central Okanagan (Kelowna) Real Estate Market Stats have just been released and this is what they show.
RESIDENTIAL - The (SFD single family dwelling) residential home sales dropped -28% in August 2010 vs. Aug. 2009. Only 126 homes were sold this past month, compared to 176 homes sold last year.
This is the 4th consecutive month of dropping sales, however, not as bad as last month July 2010, in which our sales dropped -54% from 2009.
Surprisingly, prices continue to remain quite stable. There has been very little change in prices and if anything they are still up from 2009, since the major drops already occurred before then.
The average SFD residential home price was $496,000 August 2010 MTD, vs. $470,000 August 2009 MTD.
Average home prices are now $486,769 YTD, vs. $453,060 last YTD, with a growth of +7.44%
Median home prices are now $445,000 YTD, vs. $420,000 last YTD, with a growth of +5.95%.
Again, the major price drops already have occurred. Currently there are 1,743 houses on the market for sale.
CONDOS – Condo sales were up in August 2010, +11% growth, vs. August ’09. This past month 73 condos sold vs. 66 last year same month. Condo prices also were up +13% with an average price of $283,000 vs. $251,000 same month last year.
This influx could be due to more buyers this year with low interest rates and many securing condos as accommodation for students.
Condo prices year to date have remained steady. Average YTD price of $258,648 for 2010 vs. $253,991 for 2009.
Median prices of $244,900 this YTD, vs. $235,000 last YTD.
Currently there are 1,047 condos on the market for sale.
TOWNHOMES - Townhouse sales were down in August 2010 by -49%! This past month only 36 townhouses were sold vs. 70 last year same month.
Townhouse prices were up +4% with an average price of $372,000 vs. $357,000 same month last year.
Townhouse prices year to date have also remained steady. Average YTD price of $356,262 for 2010 vs. $347,121 for 2009.
Median prices of $335,000 this YTD, vs. $326,350 last YTD.
Currently there are 519 Townhomes on the market for sale.