Tuesday, October 26, 2010

The Big Money Returns to Kelowna Real Estate

OMREB stats Oct 1-25, 2010

111 single family homes sold on MLS®.
11 were over 1 million dollars.
That's 10% of single family homes sales over $1 Million!
83% are between $350,000 and $550,000
7% are from $550,000 to $999,000

There are Two Markets at Work Here

The out of town buyers picking up bargain priced luxury properties over $1 ,000,000.
The local buyers finding a place to live.

It is interesting to note that the condo market has a few out-of-town buyers picking up lakeshore bargains in the $500,000 range, but over 80% of condo sales are local buyers with prices from $200,000 to $300,000.

During the boom of 2007, condos outsold single homes, now single homes outsell condos 2 to 1.
It's a great time to be a buyer: bargains abound, money is cheap, and only a few are taking advantage.

 Overheard at Tim Horton's,
"If I knew they would sell it that cheap, I would have bought it myself."

Make offers, someone might accept.

Bert Chapman
Premier Canadian Properties
#102-1180 Sunset Drive
Kelowna, BC  V1Y 9W6
Office 250-717-1886 Toll Free 877-717-1886  Fax 250-717-1889  Direct 250-212-7728
email: bert@pcrealty.ca   Website: http:www.pcrealty.ca

1 comment:

condo manila said...

All I can say is WOW! and Congratulations! You did a great job in there.