Traditionally, July tends to be somewhat of a quieter month than May or June but this year was certainly not the case. July continued the strong activity we saw in June with 472 properties sold, an increase of 13% over July, 2012 according to the Okanagan Mainline Real Estate Board statistics. Our RE/MAX Kelowna office saw an outstanding increase of 46% over the same month last year giving us close to a 35% market share in July.
The board stats also show an increase again this
month for average sales price at 3.45%. Single family homes were up
2.72% and condos up 14.43% indicating that if buyers are still sitting
on the fence waiting for prices to drop likely have missed their window
of opportunity. This does not mean we are now going to start seeing
significant price increases but it does indicate we are in a solid
balanced market. Meaning sellers are still going to have to list their
properties competitively but buyer’s can no longer think they can pick
up a steal of a deal with a low ball offer.
It will be interesting to see if this momentum continues into August and September before we see the seasonal market slow down.