suzied.ca

After a dismal first quarter to the year, the real estate market in the Central Okanagan has gradually started to thaw and show more activity with every passing week! The amount of overall inventory in the single family home segment is still in excess of an 8 month supply in most neighbourhoods - which means statistically its still a buyers market! The importance of pricing and presentation when listing is integral if you want to compete with the dozens of other homes in each area and price point. The most saturated market are homes $700,000 and higher, which has yearS worth of supply if the current demand for luxury homes remains at current levels. The faster moving affordable market is a completely different story, however, and while there are plenty of deals out there and tons of choice, good homes priced well are still selling in a reasonable amount of time ( under 3 months on average). The condo market remains saturated, with the bulk of buyers seeking out homes under $300,000. Towhnhomes that were selling at $350-375 K a year ago are now settling out $280,000-$310,000. Apartment style units are experiencing similiar price adjustments, with 2 bdrm/2 baths in good buildings ranging in the $200,000- $275,000 seeing the most brisk sales.
A couple of fabulous buys this month - Winterra in Lake Country is now in foreclosure, with 2 bdrm/ 2 bath BRAND NEW, 1100 sqft units starting in the 220’s! The Aritisan in Rutland has recently come on MLS with tremendous pricing on all remaining new units as well. This blow out pricing and excess developer inventory will continue to set limits on the pricing of resales units throughout the Okanagan, making it a fabulous time to pick up an extra condo or two
A couple of my favourite house picks this month are MLS#9209443 - great neighbourhood and salt water pool for $499,900. Also love MLS#9211029 - spectacular finishing, vessell tub! walk out rancher, 2 years old for $529,000 and MLS#9208473 with the subdivable future lot is still an amazing value at $499,000- must hold till sewer comes in the neighbourhood, but this one has some fabulous upside! If your dreaming big MLS#9209153 - panoramic views, spectacular party deck and nanny suite, great floorplan and great bones for a gradual re + re. At $1,250,000 - its not in everyone budget, but Im only a quick call away if anyone hits the big 6-49. For value picks, there are a bevy of single family homes dancing around the $300,000 price tag in Glenrosa! There is also a City of Kelowna blowout MLS9215632 at $299,000 on a busy street in Old Glenmore. Think hedges. Big hedges.
Call me anytime for the latest updates on hot new listings and market activity - I have just started emailing monthly stats to anyone who wants them, so pop me a quick email if you’d like to be added. Enjoy this great weather and the best time of year to live in the Okanagan! Cheers, Suzie

This entry was posted on Monday, June 8th, 2009 at 5:43 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.