MLS listing count in the Kelowna British Columbia topped 1,000 recently
……………and the current total reads 1,057 residential homes for sale in all price ranges. Let’s take a look how it breaks down…
512 priced under $800,000, 545 priced over $800,000.
48 priced under $400,000, 61 are priced over $3,000,000
122 priced under $500,000, 129 are priced over $2,000,000
245 priced under $600,000
812 priced over $600,000
255 homes for sale have suites
8 in foreclosure
111 are vacant, 129 are tenant occupied.
How is this impacting sales in Kelowna MLS?
Glad you asked. First of all, those who predicted a year similar to last year can go sit in the corner and take a few moments to rethink things. Every single one of those numbers above needs to be higher (except foreclosures). There just aren’t enough homes for sale especially in the lower end of the market and first-time buyers continue to get beat up. This time last year we recorded 1,420 residential sales at an average sale price of $596,000. So far this year we’ve recorded 1,118 sales at an average sale price of $671,000Unit sales are down 21% compared to this time last year and prices are up 12.5%. Unless the number of affordably priced homes increases as the year progresses, this trend of dwindling sales will continue and we will likely see prices continue to rise. All bets are off though if mother nature steps in and puts a stick in the bicycle spokes with the 1 in 200 year flood we’re all hoping doesn’t come. Things will be interesting through the end of June as the lake continues to slowly rise as snow melts from higher elevations and this could slow things down for us especially areas in low-lying elevations. Stay tuned.
91 residential homes listed for sale and 46 apartments bringing the total number of apartments up to 302 for sale and 782 residential houses. There were 70 residential sales last week with an average sale price just slightly above $600,000. There were 29 apartment sales this past week.
So this is a little encouraging. Not very, but a little. I guess this is going to be the market we’re going to have to become accustomed because there doesn’t seem to be any changes coming our way. Prices appear to have stabilized despite high demand/low supply which I think is healthy for a sustainable housing market where average wage earners can still live here (barely) and young people aren’t running for exits.
Condo sales are outpacing last year’s torrid pace 150 to 141 while residential is behind a bit with 294 sales this year compared to 302 this time last year. In other words it’s almost a carbon copy of last year and despite tougher mortgage financing rules impacting buyers, we’re doing as well as we did last year. I don’t think things will change too much as the year progresses.
Planning on moving to Kelowna BC? Working with an experienced Realtor will greatly increase your chances of finding the perfect home before it has an offer on it. Whether it is a house or a condo, we make your search a priority and will update you daily on new listings and prelisted properties so you stay ahead of the market.
Watch for my weekly market updates posted here, or call me to find out what is happening in your favourite neighbourhood.