If you are in the South Pandosy neighbourhood today” drop by 415 Wardlaw for a community open house featuring 20 open houses and 12 businesses. Take a walking tour of the area and visit Lakeview Market Freshair Cycle Kelowna Cycle SOPA square Marmalade Cat Cafe and others. See attachment for full map.
Let’s take a moment and focus on the resiliency of the Kelowna townhouse market over the past decade before looking at the rest of the market.
So far this year, there have been 213 townhouse sales in the Kelowna trading area with an average sale price of $336,000. While the 213 number might still be a little off where it ought to be the $336,000 is the second best number since 2008 (comparing the first 7 months also) when the average TH sale price was $355,000. Let’s call that the height of the townhouse market. Other years’ stats are as follows…
Year Unit sales Avg. sale price
2010 248 $325,000
2009 273 $325,000
2008 224 $355,000
2007 330 $315,000
For a long term reference point, the first 7 months of 2001, we recorded 179 unit sales at only $143,000. Demographically more people are considering townhouses who don’t want to spend weekends doing yard work yet don’t want to move into an apartment.
The rest of the market….
Anyone remember last July? July 2010 was first month of the HST era and it seemed as though we were heading into the apocalypse. It was the first time since I’ve been recording stats that any July was less busy than the previous December, which is always the slowest month in this market. There were only 126 sales in July 2010 and the average sale price was $597,000. This year, there were 164 July residential transactions with average sale price of $$611,000. The average sale price always seems to be higher during the Summer compared to the rest of the calendar, likely due to the influx of out of town money.
There are 1,618 Single family detached homes for sale right now in Kelowna, 993 apartment condos and 408 tonwhouses. Year to date, there have been 1,203 residential sales compared to 1,298 YTD last year, 1,184 in 2009 and 1,424 in 2008. Everything is blissfully normal and we’re expecting little change for the rest of the year.
We hope you’re enjoying your Summer.
Andy and Jo-Ann
The Kelowna residential housing market encountered what statisticians might call a “blip” last month. There were 168 residential sales which was better than most anticipated after 3 consecutive slow months but 14 of those sales were over $1 million” 3 were over $3 million and 1 was $10 million. In a community of over 100 000 people and an average household income of about $55 000 these numbers are way out of line of what we can consider normal. Clearly there has been a lot of pent up demand in the high end of the market and those buyers decided this was the time to jump in. This is the good news. The average every day wage earner is still in “wait and see” mode so we aren’t seeing as many $275 000-400 000 sales. Last month’s data skewed the average sale price in Kelowna up to $625 000.
A year ago October 2009 saw 221 sales for the month with an average sale price of $509 000. The 168 sales are a marked improvement over the past 4 months and those who had predicted a tough Winter market might have to take a wait and see approach as sellers appear to be more realistic with pricing and buyers are starting to act. It is always noted by the number of SOLD signs that are visible that the Buyers have stopped just looking and have started making their decision and writing an offer on the homes in Kelowna listed for sale. When the sold signs start appearing in the neighborhoods then it is an indication prices will start to rise and the inventory is reduced. Are you sitting on the fence?? I may be time for you to make a move.
On a personal note Jo-Ann & I are running the New York Marathon on November 7. There will be a total of 45 “000 runners.