FIRST HALF OF 2008

The first half of 2008 has performed pretty much as expected given the economic climate and the exposure this subject has garnered in the media.  Kelowna has not remained untouched by the adjustment in the market , but it is still the preferred choice of our long time customers from Vancouver, Alberta and Saskatchewan. 

A comparison of the first half of 2008 with the same period in 2007 yields the following results:

Residential unit sales were 1134 this year compared to 1614 last year  (-29.7%)

Apartment unit sales  were  522 this year compared to  700 last year   (-25.4%)

Townhouse unit sales were 273 this year compared to 414 last year    ( -34.0%)

Mobile home unit sales were 148 this year compared to 151 last year (-1.99%)

Residential total sales were 2223 this year compared to 3134 last year (-29%)

Grand total of all sales was 2462 this year compared to 3455 last year (-29%)

Residential listing inventory is 1822 compared to 956 last year.

It is clear that the drop in unit sales is reflected in the inventory as unsold units add to the supply.  The list price/sales price ratio is 95.4% indicating that there is more negotiating involved in a sale as our market moves away from being a total seller’s market.

Now is the time to buy for those people contemplating an investment or a move up purchase.  The supply is abundant, interest rates are attractive and it is possible to negotiate.  Over time, real estate in the Okanagan has performed very well.