I promise this will be easier reading if you can humm Petula Clark music at the same time.
Let’s define downtown as being from Poplar point up near Knox Mountain, up to Gordon Drive, then South to K.L.O., and of course the Lake on the West. Argue all you want….my blog, my boundaries! There are currently 137 residential homes for sale downtown and 280 condominiums.
Last year at this point in the year, there were 61 condo sales recorded at an average price of $331,000 and this year there have been 80 sales at a $312,000 average. As for houses, it’s the same trend. Last year saw 49 sales through the beginning of May at an average of $394,000 and this year the average is $389,000 based on 49 sales. Seems clear that prices are softening somewhat in the downtown core resulting in increased sales activity. With approximately 20 condo sales a month downtown we’re still stuck in a buyers’ market but a significant improvement over the 15 sales per month we were generating last year. We need to get this number to 45 per month for a balanced market so let’s keep those price reductions coming.
There is still a 10 1/2 months supply of residential houses on the market today so, like condos, it’s a buyers market but showing signs of improvement. We’re averaging 13 sales a month compared 12 last year and prices are down marginally. It is a great time to buy a condo before the market changes to a “Seller’s Market” and the prices move upward.
Currently, there are 15 lakeshore homes for sale and 68 lakeshore condominiums.
Finally, there are 13 downtown condos in foreclosure and 6 houses. Â Call or text me for a list of today’s, Foreclsoures
Living in Kelowna,
Andrew Smith and Jo Ann McLellan
Smith McLellan Group
Royal LePage Kelowna
To view homes go to www.Okanaganbc.com
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01