Loud and thunderous applause for anyone who predicted a 21% increase in Kelowna housing market sales for the 3rd quarter of this year. We all knew the housing market would rebound eventually but I just don’t know anyone who thought it would start to happen right now. There were 684 residential sales for the 3rd quarter compared to 567 for the same period in 2012. Prices are down slightly though with an average price of $505,000 this year compared to $524,000 for Q3 2012. We’re approaching a balanced market but we all need to remember there are still a lot of Kelowna houses for sale. Currently there are 1,741 homes for sale in Kelowna.
The year to date numbers are also encouraging. There were 2,043 homes sold for all of 2012, which was a so-so year. It’s early October and we’ve already sold 1,950 homes this year so we’ll eclipse last year’s production in a week or two. Sellers are becoming more realistic in terms of pricing resulting in more homes being sold.
On the condo side of things there are 732 apartment condos currently for sale. There have been 619 sales this year averaging $237,000. There were 262 apartment sales during the third quarter of this year compared to 207 for the 3rd quarter of 2012. That’s a 27% increase in apartment sales over last year.
Things are really busy in our household this time of year. We just got back from dropping Kierra off in Minneapolis where she just completed in her first swimmeet of the season. It was quite the 4 day drive then after a few days in Minnesota another 3 day drive back home. The Canada Customs agent laughed at us and was surprised we were still talking to each other. Next time we’ll fly.
Let us know if you know anyone thinking of buying or selling in Kelowna or West Kelowna. It feels just like it did back in 2000 before prices started to shift with significant increases in condo and residential unit sales.
Happy Thanksgiving from our family to yours!
Andrew Smith and Jo Ann McLellan
Smith McLellan Group
Royal LePage Kelowna
Toll Free 1-877-330-5884