Kelowna October Market Report

Kelowna Home Sales Update

As we put the first  two weeks of October behind us, it’s time to take a look at how the real estate market is performing so far for 2014 in Kelowna. On October 3, Okanagan Life published an article about the positive trends of Lake Okanagan development. Not only is the market of real estate development positive for Kelowna, but looking at the sales reports for January 2014 to September 31, 2014, home sales show marked improvement from 2013. Any individual who wants to sell a house in Kelowna should feel optimistic about their ability to move their property in this fast-paced market.

Based on the report of residential sales from January to September 21, most price brackets for homes for sale in Kelowna, BC showed an increase. The lower priced home sales only showed slight decreases in September 2014, but the higher priced homes of $360,000 or more beat their previous sale numbers of last year. Even the change in the lower price home sales wasn’t dramatic, with 22 Strata homes in the $200,000 and under bracket sold in 2013, and 19 sold in 2014. The $200,000 to $240,000 bracket had a bit of fall, with 29 sold in 2014 compared to 2013’s 50. That said, once we get to the $360,000 listings, what we observe for the Kelowna real estate market is excellent. In 2014, 230 houses were sold at $360,000 to $400,000.  The trend of increased sales continues as you move to new price brackets. Unsurprisingly, the rate of homes sold at 1 million and up increased from 42 in 2013 to 53 in 2014. For nearly all of Toronto, the market is healthy, strong, and most of all, experiencing record demand.

Kelowna Mission Creek Pathe Thanksgiving TreeKelowna Thanksgiving Tree on Mission Creek Greenway

 

For home owners wondering what they may sell a house in Kelowna for, it pays to know the average sale price. September 2014’s average sale price for homes came in at $492,571, up from 2013’s $465,966. The median home price was $448,500, which was a $28,500 increase.

In all, 321 homes were sold in Kelowna in the month of September. Last year the same month saw 298 sales, demonstrating the housing industry in September in Kelowna is still strong. Townhomes especially saw a big increased demand in the area. 657 townhomes hit the market and sold in 2014, up dramatically from 474 sold last year. Condos were also big sellers, with 819 sold between January and September of this year; 2013 had 600 sold. Even mobile homes sales in Kelowna fared well with 31 more sold than last year.

 

Sales growth has been so strong that it may be the beginning of a new housing boom. If you are considering a new home in Kelowna, BC there is plenty of variety available. The housing market in Kelowna, BC features 1123 residential homes, 890 strata and 344 building lots. Sellers and buyers should both feel confident in this market.

Let us find you a new home today!

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Have a great weekend

 

Andrew Smith

Royal LePage Kelowna

Kelowna BC  V1Y 8B7

Cell 250 979 8066

TF. 1-877-330-5884

www.okanaganbc.com

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