Okanagan Market - July Overview
MARKET OVERVIEW JULY 2008
The latest statistics show that the average house price is defying gravity. It dropped from $512,867. to $512,811 from June to July. However, listing supply continues to grow to about double last year’s supply. The ratio of residential sales to inventory is 1 in 13.
The market is achieving 94.4% of list price in deals negotiated.
But, where are the buyer’s going? The median house price is $470,000 so half the buyers are negotiating deals in the $300,000 to $470,000 range. The other half are buying properties between $470,000 and millions of dollars (a very large playing field).
It’s clear that our listing supply continues to follow the Kelowna seasonal trend and bring houses on the market that are overpriced by unmotivated sellers (and realtors “buying” listings). In past years, buyers accommodated the trend by purchasing. This year, the buyer is waiting.