With the release of the Okanagan Mainland Real Estate Board (OMREB)’s June Report today, we can definitely see that the buyer’s market continues it’s stronghold in Kelowna.  What that means is that there is alot of inventory on the market right now, a good selection for the amount of buyers out there.  I also think there is still a fair bit of uncertainty in the market about the impact of HST.  Not that it will affect most home buyers, but a ‘wait-and-see’ attitude seems to have prevailed amongst buyers this past month.

This years sales activity has been pretty robust, up until the beginning of May.  Lots of inventory turned, largely as a result of favorable interest rates and pent up demand in response to last year’s poor economy.  I have been advising my sellers that they can expect things to be pretty quiet over the summer (the real estate market always experiences seasonal lows in the summertime).  Sellers also need to adjust their expectations with regards to market value pricing.  In layman’s terms, if you price your home high, it’s gonna sit.  Price it competitively and you may see more action.  However, there is a very clear lack of  urgency among buyers that are out there, rather they seem to know that they can take their time to find the perfect home.

An little story you might find interesting…

A colleague of mine took a client out to see homes in the $600- $750K price range in the Upper Mission area.  There were so many homes on the market in this price range, the buyers had a huge selection; in total they saw about 20 properties.  The realtor and his clients couldn’t help but notice how unkempt some of the homes were, even in this tony area.  Those sellers that did take the time to ‘present’ their home favorably didn’t even get a second look.  So, sellers, take note.  Take full advantage of those showings!  Don’t let something as minor as sweeping your front step be the reason your home doesn’t sell (and believe me, sometimes it IS something that small).

Here are the June stats;

New listings
Up  5.7% over last year at this time
Down 10.4% from last month (1,324),

Total Inventory
Up 5.8% over last June
Up 4.1% since May

Overall sales
Down 21.7% compared to June 2009
Down 8.2% compared to May

Sales of single family units
Down 20.8% from June 2009
Down 6.4% from May

Of course your best bet in this constantly changing market is to enure that someone you trust has your back.  I think I know a Realtor who might be good…

Enjoy your summer!

Darcy