The Kelowna market continues to tighten in the lower end with only 290 homes priced for sale under $600,000. And yes, we’re now counting a $600,000 home in the lower end of the housing spectrum. There have been 532 sales under $600,000 over the past 90 days meaning there are about six or seven weeks of supply available. Supply of homes will continue to dwindle as the temperatures drop as will the volume of sales. Regardless, this part of the market needs more for sale signs else prices will continue to rise.
Total of 995 Freehold Homes For Sale In Kelowna Market
Overall, there are 995 single family residential freehold homes for sale in Kelowna (didn’t include Fintry or Beaverdel this time) including 365 priced over $1 million (that’s a lot), 126 over $2 million and 58 over $3 million. There are only eight foreclosures (not a lot). Same story in the ultra-competitive $300,000 to $500,000 price category there are only 158 homes up for sale right now and we’ve generated 288 sales over the past 90 days. The take away from this is that if you see a home that you like priced under $600,000 you really ought to put an offer in on it right away because it might not be available tomorrow.
81 Homes SOLD Sales in the $1 Million - $2 Million Dollar Price Range
Taking a quick peek at the $1,000,000 to $2,000,000 market there have been 81 sales over the past 90 days (27 per month) with 239 for sale. With 9 months of supply available this number might appear to look a little on the grim side but this segment has roared back to life after struggling with periods of over 24 months of supply.
No predictions yet from me about 2017. Kelowna continues to be a blue chip housing destination and supply shortages usually precede price increases but there are too many variables just yet to stick my neck out there.
Have a great Fall Season,
Royal LePage Kelowna
250-979-8066 or Toll Free 1-877-330-5884
Average Kelowna House Sale Rose to $636,000 in 2016