So it would seem that my prediction that the real estate "freeze frame" that we've just experienced would turn out to be a positive thing. Not to be one to blow my own horn, but I've certainly had a number of people saying to me "I wish I had listened to you sooner!"
Prices are down for sure and will probably be there for a while. The gush of inventory we had been expecting in the spring didn't happen and as those first buyers started to emerge, they were the lucky ones with the pick of the crop. A few more listings came on-stream but inventory was being well picked over. In fact some sellers that were not getting any action started to see their overpriced homes get shown. Sometimes the buyers braved an overpriced home and a reasonable offer was made and for the most part accepted.
In January we were up 62% in inventory.... very much a buyers market. That gradually turned around over the next month or two and now total listings now sits at a healthy 1650+ where last year in July we had 2000 active listings! (This by the way includes all listings, not just residential)This has created a very healthy stable and balanced market. Buyers can still get a good deal but not like they could a few months back and sellers are seeing reasonable prices for their homes now. Home sales in Kelowna for July were up a WHOPPING 59% over July of 2008 and Vancouver's sales in July were the highest in history! Yayyyy!
I keep reminding myself that Kelowna is the most beautiful part of the world and that everyone wants to live and/or play here. More and more people have been arriving this summer from areas close by (Vancouver, Alberta, etc.) with their vacation dollar being pinched and I've found the people that I've talked to are WOWED with Kelowna and will be coming back again soon! Who wouldn't....
Long Live Kelowna Real Estate!!!
Talk to you soon.
Paige
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