I actually had a REALTOR tell me that there's "no doubt" the prices will continue to drop in Kelowna for the next several months. Has he not seen any stats??? Has he not noticed sale prices levelling out, or the fact that sellers are getting the message and finally reducing their prices??
Sales were up 34.4% in March (OK... who needs to be that precise) over last month, which by the way were up over the month before that one and so on...
Sale prices have been stabilizing when you compare properties that are similar and higher end home sales are picking up steam as well. Buyer confidence is returning.
Sellers are always slow to accept downward price movement, and who can blame them, when the market changes. Check out the DOM (days on the market) for listings now showing price reductions and you'll see that they're 100+ days...
What has been steadily declining is the number of sellers that think their homes are worth what they were worth 12 months ago. Price reductions to current market value is today's reality. Let's not get it confused with a falling real estate market.
Talk to you soon...
Paige
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