Copper Sky in West Kelowna is an example of the excellent buying opportunities in Kelowna right now.

The Statistics for November are out and I find the stats very interesting.  First, a quick summary of the stats shows that there were 575 total new listings in November, with only half this amount (258) in sales for the month.  The great news is that while the current active listing level remains high at 4,479, sellers were able to secure, on average, 94% of list price when selling their home.   This means that in general, list prices (of homes that are selling) are actually reflective of current market value – no longer hyper-inflated with sellers hoping to get more for their home than it is actually worth in today’s market.

I am also encouraged to see that listings are down 20% from the same time period last year while sales have increased nearly 17%.  Average time on the market for homes sold in November – 112 days (just over 3.5 months), slightly less than 2010.  While I hesitate to say with authority that market is finally become more balanced in terms of inventory vs. buyers, the stats show improvement.  This is good news for sellers.   The average sale price this month over this month last year grew by over 9%.

Not surprisingly, residential homes were the leading real estate product in sales this month (124), and far behind in second are apartment/condos at 52 deals for November.   Home Lots are still trailing the pack in both sales and days on market with only 9 sales and an average of 286 days to sell a lot.

Our team also had a pretty good month with steady action all the way through and a nice little rush last week.  Not as stellar as October but I am certainly encouraged with the action in the market these days.  Buyers are moving, making decisions quickly and we have even begun to see some (gasp, dare I say it) demand for certain product and price-points.  There are some great deals out there right now too.  Investors, empty nesters and first time home buyers alike are discovering that Copper Sky in West Kelowna is an amazing opportunity.  Also in West Kelowna, Elkridge has been a very popular choice for move up buyers particularly because of its inclusion as a Project Build community making mortgages accessible for young families looking to get into their first single family home.

My advice to sellers – price your home right, be patient and work with a Realtor® that is active in your community/ neighborhood and really knows the unique selling features of your home.  Don’t be afraid to shop around – just ‘cause you have a buddy in real estate, this doesn’t necessarily make them the right fit to sell your most important asset.

For a fresh approach, consider giving someone on our team a call!  We provide exceptional expertise in new home, townhome and condo sales as well as specialize in West Kelowna, Mission, Upper Mission and Kettle Valley re-resale.

Darcy