Real estate is moving in Kelowna!

OMREB March Report Delivers Boost of Confidence

 

This past Thursday, the Okanagan Mainland Real Estate Board (OMREB) released their March report, detailing the listings and sales activity for our region. And not unexpectedly, the news was encouraging, further indicating that the market continues to stabilize after last years correction. Our team also had a fantastic month, our best since November 2009, with double digit sales ends and lots of activity with buyers from out of town.

Here are some of the highlights from the March release;

Market Summary

New Listings
Up 27% over Mar 09
Up 12% over last month

Total Units Sold
Up 49% over Mar 09
Up 26% over last month

What this means? There is a good selection of homes on the market right now, but it’s not being flooded with listings.  This is good as the market is becoming more balanced, with inventory and demand in better harmony.  Even better, Kelowna residents with homes to sell can feel more confident about putting their home on the market.   Unlike last March when the real estate market was still pretty ‘chilly’, this year we are seeing alot more action.  The combination of low interest rates (even with the recent increases), relatively low prices and the impending HST have made for a great spring market.

Single Family Home Sales

Up 32% over Mar 09
Up 35% over last month

Townhome & Condo Sales

Townhomes up 85% (!!!!) over Mar 09
Condos up 19% over Mar 09

What this means? If you are looking at buying a townhome, get off your duff and get out there… they are getting snapped up like hotcakes.  As I predicted last month, the townhome market is HOT.  We have had excellent success at Amberhill and The Gate, and in speaking with other realtors, it’s clear that townhomes that are priced between $250- $375K in attractive neighborhoods are in high demand.  Competitively priced condos, such as Mode, are also selling well.  But there is still alot of variation on pricepoints in the condo market as developers try to figure out what the market will bear with so much inventory available.  Good news for buyers though, there is alot to choose from.  We  definitely expect this kind of trending for multi-family dwellings to continue, particularly for  new product, through late spring and early summer when HST will certainly have an impact.

So what’s ahead for April?  Well, if the early weeks are any indication, it looks like the good times will continue!  While the change to qualifying criteria for mortgages becomes effective April 19th, this will only affect a relatively small part of the market (investors, low income earners) so let the good times roll!

If you have any questions about buying or selling a home, or if you are looking for a REALTOR© to assist you, please call the Kelowna Real Estate Pros at Nyrose & Associates, our team of lisenced realtors with Coldwell Banker Horizon Realty in Kelowna.  And please browse our listings!

Click here for the OMREB March Release