Kelowna Housing Market Tightening

Kelowna Housing Market Tightening

There are only 1,077 freehold residential homes for sale in the Central Okanagan in all price ranges right now which isn’t a lot especially as we approach the Spring market. What’s a little worrisome is that there are only 300 priced under $500,000 and only 130 priced under $400,000. Our marketplace averages about 240 residential sales per month so we have about 4 ½ months of inventory which makes the market appear balanced. Nothing to see here except when you parse the numbers down a bit. We’ve averaged 125 home sales per month under $500,000 over the past year and with only 300 for sale today this segment of the market is in a sellers’ market. No one keeps statistics of a particular market segment and everyone’s definition of a sellers’ market is different but I can’t remember conditions being this tight for buyers. It’s nothing like what we read happening on the coast but unless we see more homes come onto the market conditions are ripe for rising prices.

Condo Market

There are 392 apartments for sale in all price ranges which is more or less a so-so number considering our market generated just under 1,200 condo sales last year. The real number is 1,152 but let’s round up a bit just because it makes the math easier to calculate. With an average of 100 condo sales per month we have about 4 months of supply which is the tightest this market has been in a long time. To sum up, we need more condominium listings.

The good news is that we usually see an onslaught of homes coming onto the market as the weather gets nicer and this year shouldn’t be any different. Right? It’s likely cultural more than anything we come out of winter hibernation and clean out the garage, we sometimes just get the itch to make a move and this process is easier during the Spring and Summer. I’ll keep arguing that it’s more affordable during the Fall/Winter months but it’s an argument I keep losing.

Thanks for reading and feel free to drop by the office and say hi if you’re near Orchard Plaza.

Andrew Smith - RealtorLiving in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here condos for sale Kelowna

Who Benefits Most From A Donald Trump Presidency?  Canadian Realtors

Who Benefits Most From A Donald Trump Presidency? Canadian Realtors

What will happen to the Canadian Real Estate Market if Donald Trump wins?

Donald Trump Andrew Smith_blog

I borrowed that Trump headline from a parody twitter account. With all of the USA election news and the Canadian dollar worth less than last year we expect to see more Canadians selling their American properties for a profit and returning to Canada and Kelowna has often been a popular choice.

New month, new post. January is usually the perfect time to plan a vacation if you’re a Kelowna real estate agent and last month was no exception. There were 96 residential sales last month at an average sale price of $555,000. With such a small sample size it isn’t sensible to draw any conclusions to the average sale price in our town. The sale price number is high and consistent with what we saw last year but when the average sale price is significantly lower in any given January no one gets too nervous and doesn’t see it as a dead canary in a coal mine. In other words, it was a normal January.

Let’s compare numbers anyway. The previous January saw 100 sales in January (2015) at an average sale price of $535,000. There will always be homes to buy for people looking during holiday season but typically buyers are locals buying from locals. We see a higher percentage of people in Glenmore moving to the Westside or vice versa and fewer out of town buyers. We all know that this will change though.

Kelowna Condos Rebound

It wasn’t a normal month for condos though. An unusual thing happened last month that I can’t remember seeing before. There were more strata sales than residential in our market. I’m sure if this has happened previously someone will correct me but I can’t find an instance where condos outperformed residential in terms of unit sales. Overall there were 99 strata sales which includes apartments, townhouses and timeshares. I’m guessing this is an anomaly and we won’t be seeing this happening on a regular basis. In case you’re wondering there were 62 apartment condo sales last month at an average sale price of $291,000. I have the same feeling about a January condo market as I do a January residential market and we shouldn’t read much into it.

This is the time to sell!

What we do know is that the huge months are almost upon us and if you’re planning on selling this year you really ought to do something about that today. Like now. The average market time is about 90-100 days and next three months are among the busiest of the year.

Thanks for reading and contact me if you have any comments or questions.

Andrew Smith for saleAndrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here condo for sale Kelowna