Kelowna Housing Data Third Quarter 2008
The average sale price of a residential home in the Kelowna area (Oyama to Peachland) remained steady at $464,000 for the third quarter compared to $465,000 for the same quarter in 2007. The number of actual homes selling during this period has dropped significantly from 844 homes (Q3 2007) to 442 houses this year. In simple English this means the value of a home here hasn’t dropped but there is a lot less market activity compared to last year.
The number of homes selling last year was way above historical norms and this year’s totals are below historical norms so hopefully the housing market will level off and we can all operate in a balanced market soon. Jo-Ann and I looked at homes in Nevada and Southern California this year and homeowners in Kelowna are so fortunate that our real estate prices haven’t imploded like they have in those areas. There are still only 14 homes in Kelowna currently in foreclosure (ask us for the list if interested) and well priced homes are generating offers. Purchasers are able to take their time and see more inventory as opposed to last two or three years when decisions often had to be made on the spot.
There are currently 2,319 homes for sale right now and with approximately 150 sales a month we have a 15 month of supply of homes on the market. There is a glut of homes (376) for sale above $1 million and a reasonable amount (342) for sale under $400,000. You can still buy a nice townhome in Guisachan Village for under $300,000 or choose from 7 homes for sale in North Glenmore with basements suites between $390,000 - $500,000.
Same story for condominiums as houses. There were 301 condo sales for the third quarter 2008 at a median sale price of $278,000. This compares favourably to the 538 sales (Q3 2007) at a median price of $282,000. The out of town investor certainly has a lot more options available but it’s encouraging to see prices remaining firm. Stay tuned.