house prices on the rise

Over 967 Kelowna Homes Sold

There have been 967 homes sold in Kelowna over the past 90 days leaving us with 929 residential homes for sale. True, it’s a reasonable number but breaking down the 929 number things get a little ominous. Ominous in a predictable way I suppose but a little eye opening when you consider that there are only 92 residential single family detached houses for sale in Kelowna under $500,000.

As the weather gets colder and it gets dark earlier things are supposed to slow down. No one really wants to have their homes on the market this time of year if they can help it for obvious reasons…..everyone’s house just looks nicer during the Spring and Summer and it’s easy finding something to do for an hour when there’s a showing scheduled. It’s easier to take your dog for a walk during a showing in Summer as opposed to when it’s dark and cold. There is a clear window of opportunity right now for any seller considering moving next Spring who can move that date forward to January or February. There is such little inventory meaning there’s a lot less competition which almost always makes it easier to negotiate from a position of strength. No, you won’t get $500,000 for your $450,000 home, but you can certainly reject low offers with confidence and wait for your price.

Average Kelowna Home Sale Price For 2016

There have been 3,045 residential homes sold this year so far at an average sale price of $645,000 compared to 2,393 this time last year at an average sale price of $558,000. The $600,000 and over average sale price of a home looks like it’s here to stay.

With the average home sale price at it’s highest ever and the low number of homes available for sale it is an interesting time to put your home, rental or vacation property on the market. Avoid the competition and instead of waiting for everyone to list their homes in the spring call me today and we can discuss the perfect pan for your property.
Andrew Smith at Royal lepage Desk - Copy
Andrew Smith
Royal LePage Kelowna

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