June 2011 - Kelowna Real Estate Market Update
By Jaime Briggs, Kelowna Real Estate
July 15th, 2011
Well, it was almost refreshing to see the June Statistics after the last two months (April & May) being so dismal for real estate sales.
Residential home sales - June 2011 was nearly on par with last June (2010) and was up compared to May 2011. In June we had 182 SFD (single family dwellings) sell, compared to 168 last month (May 2011) and 181 last year (June 2010).
Inventory (number of homes listed for sale) is also down, which is good news for sellers. We had 1,721 homes listed for sale in June 2011, down -10% from last June at 1,925 home for sale.
Median (SFD) home prices continue to be close to 2009 and ran at $423,000 median price for June 2011. This was quite a drop from the 2010 June median price of $455,000.
Average (SFD) home prices were $456,580 down -4.58% from the June 2010 average price of $478,502. Good news for Buyers in this market!
Condo sales - continued slow but stead in June. We only sold 49 condos in June 2011, which was 6% from June 2010 (52 condos sold), however a big drop from May in which 68 condos sold. Condo inventory was down -18% compared to last June, yet median condo sales in June jumped to a high of $284,000! Probably the result of some higher lakefront/recreational sales which boosted this median up this past month.
Average condo price were up a whopping +26% to $289,912 in June 2011 from $229,994 last June, however, only up +2.64% total year to date.
We should continue to see a steady amount of sales and activity through the next few months as summer holiday and travel plans bring Buyers to the Okanagan region.