I haven’t encountered anyone recently, in our out of the real estate industry, who has been able to answer the following….What is the average asking price of a residential home in Kelowna right now? Go ahead….take a stab at it…..
Answer is $932,650
A gold star to you if you were even close to guessing this number.
The real estate story of the year has to be the number of highly priced homes that continue to go unsold but remain on the market with hopes that high end buyers get off their couches and look for their cheque books.
Right now, there are 1,450 homes for sale in Kelowna and 397 of them are priced over $800,000. The $800,000 plus segment of the marketplace generated 108 sales this year which translates into over 9 home sales a month. This means there is a 3 1/2 year supply of homes for sale right now in higher end communities. Remember, 6 months of housing inventory is considered a balanced market.
Back here in the real world, where the rest of us live, there are only 740 homes for sale in the $300,000 to $600,000 price range and 1,620 recorded sales this year. This is terrific news. If this doesn’t mean the recession has been wrestled to the floor, then it’s certainly been dealt a blow to the solar plexus. This works out to a reasonable 140 sales per month and a 5 month supply of homes making this segment of the market a “sellers market”.
Also, there are now 40 foreclosures for sale which is higher than the usual 10 or 15 me might normally see. 17 of these homes are priced under $400,000 and the rest over. Let me know if you want the list.