A flurry of new listings – like this ideal family home in Crawford Estate in the Upper Mission – made for a busy February!

Is this what ‘Normal’ feels like?

I have been in Kelowna now for 2.5 years and I really can’t say that I have experienced a ‘normal’ market here yet.   Its really been a series of slumps and rebounds, but it feels like we really are moving toward a steady, normalized market.  According to the February 2011 OMREB Report released today (detailing sales activity in the region), the stats also seem to bear this out.  To summarize, February saw an increase in new listings over January, but were lower than last year.  But recall, last year, we were just emerging from an abysmal Fall 2009 and February ’10 was one of those ‘rebound’ months.  So sales this month were down from last year.  But compared to January, and even late 2010, February was hopping – surprisingly so actually.

For Nyrose & Associates, the ‘hot Kelowna real estate’ was definitely townhomes, or anything in the under $450K price point – we helped 5 clients buy or sell, all within this price range.  Two others within the $600 – $700K range.  And then the listings – whew!  It felt great actually.  And it was refreshing to encounter a real openness on the part of sellers to be realistic about the value of their home.  As REALTORS®, it has been a challenging few years for many reasons, not the least of which is having to continually help clients to understand that the reality of the ‘new economy’ has had a direct impact on the saleability of their home.

I am optimisic about 2011.  It’s feeling ‘normal’ to me so far.

OMREB concurs.

“As the BC housing market returns to normalcy after two years of volatility, the Okanagan will move from a buyers’ market towards more balanced conditions and price stability.  Improved economic conditions, population and employment growth should boost consumer demand and fuel sales during the coming months,” says Brenda Moshansky, OMREB President and REALTOR® in the Central Zone.  “Moving into Spring, we can expect to see more sellers listing their homes, and potential buyers locking into low mortgage rates and closing deals before lending and refinancing criteria tighten.  Excellent property choice and attractive home prices in the Central Okanagan will continue to provide great opportunities for buyers – especially while the Lower Mainland market remains heated and prices inflated.”

For more information about all thing Kelowna Real Estate, buying or selling your home, please feel free to contact me or one of the Kelowna Real Estate Pros team!

Darcy

250.575.1946