October 2010 Real Estate Market Update
By Jaime Briggs, REALTOR®
www.BriggsOnHomes.com
November 4, 2010
What a beautiful Fall we have had here in Kelowna! Almost makes up for the shorter, wetter Summer.
The October Real Estate Stats have just been released and it really starts to give us some perspective of what’s happening in the market now.
Sales have been consecutively down over the past 5 months, however prices have remained relatively stable!
In my opinion, most markets have already hit the bottom and “market corrected” about at the end of 2008/early 2009. This would be our home prices in the $350-$550K ranges. However, our upper end market ($750/$850K+ range) seems to still be correcting. I am still seeing -$200K price drops in million dollar properties!
Let’s put this in perspective. Our average home price (SFD) year to date (YTD) for 2009 was $457,673. This year our average home price YTD is $485,798 (an increase of 6.15%)! And our median price has increase +4.12% from $425,000 in ’09 to $442,500 in ’10. Whereas SFD sales are down nearly -8% MTD and -2.23% YTD.
Condo and Townhouse prices have not changed much YTD, vs. ’09. The average prices are nearly equal with last year. The average condo YTD is currently $255,585 and the average Townhouse price YTD is $352,144.
Remember that these are the average SELLING prices! This does not mean that your own home has necessarily increased in value, it just means that our selling prices have not drastically changed at all over the past year, (even though sales are way down).
So… is it still a good time to buy? Absolutely! The lending rates have never been lower and the prices have not dropped in the lower end markets. If you can find the right house, at the right price, in the right location, . . . It is absolutely a great time to BUY!
** If you click the link below I have attached ALL our updated MLS statistics showing the update for 2010 vs. 2009. Very interesting to look at..........