Saturday, 14 July 2012

Encouraging Signs

These first six months have been very positive for the Okanagan valley, and in particular our office here in Kelowna, as our unit sales are up 16% over last year at this time and we are selling 42% of our own listings in house. In June, we achieved a record 47% of all our sales being done within the RE/MAX office, which means we are selling almost one half of all our listings ourselves.

Our local real estate board The Okanagan Mainline Real Estate Board shows encouraging signs as well with overall unit sales up 9.8%. Condo and townhouse sales showed the biggest jump in activity in June up 49% and 42% respectively. With all of this spring and early summer activity, listings are still down over 10% from last year indicating we are headed to a balanced market which does not necessarily favor the buyer or the seller.
Well priced properties are selling in a relatively short time and in some cases create a multi offer environment. Prices continue to remain relatively flat, experiencing very little movement either way. Higher prices are not likely to happen in the near future as the listing inventory is still high.

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