February 2011 Kelowna Real Estate Market Update - by BriggsOnHomes
Well it’s certainly felt like the Spring market has arrived here in Kelowna these last few weeks! We’ve had 179 new listings and 43 solds here just the last 3 days! Personally, I have encountered multiple offers - twice - just in the last few days! Even my other co-realtors and our office have taken on a very busy bustle of activity….. BUT is it truly busier? Or, does it just appear that way after coming through the doom and gloom of winter?
The February 2011 Kelowna real estate market stats have just been released, so let's take a look at what’s really happening out there.
It appears that the market is definitely busier than last month (both sales and average home prices are up in February vs. last month January), however, we are still down compared to the first two months of last year (2010).
For these first two months of the year, mostly lower priced properties have been selling ($320k-$439K) as many first time home buyers took advantage of great buys/low interest rates and stepped into the market. This has driven our average home prices down and forced listed properties to be very price competitive.
For the Central Okanagan Region, our Average Home (SFD – single family dwelling) price year to date is currently $440,185 (-6% vs. last YTD) and our median price $413,000 (-5% vs. last YTD). In February there were 120 sales of SFD, with approx. 1,391 SFD currently listed for sale.
The Condo market seemed to still have an overwhelming amount of inventory on the market. The average price YTD is $274,484 (+9% vs. last YTD) and median price of $243,000 (+4% vs. last YTD). In February there were only 51 condo sales with approx. 922 condos listed for sale.
The Townhouse market has dropped slightly. YTD average prices are $325,896 (-4%) and median price of $309,750 (-1.43%). In February we saw only 22 townhouse sales with an inventory of over 494 properties listed for sale.
Well, based on the levels of activity right now and the showing requests for properties, it is my opinion that we will continue to see a stable market with increased activity over the coming months. Whether you are buying or selling, it is important that you choose a professional REALTOR you can trust, to help you with your transaction!
I have attached the full overview of last year (2010) market stats for you below. Please feel free to click and download the attachment below, to read more of what the real story is!