Condominium Sales On The Upswing
The condominium market in Kelowna is off life support andshowing a strong pulse with the number of units selling in our marketplace increasingevery month this year from a dreadful 41 sales in January to 165 in July. Here’s a monthly breakdown of condosales...
January 41
February 51
March 84
April 109
May 135
June 148
July 165
We must take caution because there are still 1,614condominiums for sale and that number doesn’t include new construction. The good news for sellers is that unitsales are gaining momentum and sharply priced units in popular areas likedowntown, Glenmore, hospital area, KLO are finally selling in a reasonable timeperiod instead of going weeks without showings.
The median sale price for the first 6 months of this yearwas $270,000 which is down from the $292,000 recorded for the same period in2008. In an effort to keep thingsin perspective, the median sale price for condos sold during the first half of2007 was $257,000 which means consumer confidence is returning to thissegment of the marketplace.