Kelowna Housing Market For July
When I have a difficult time finding something to write about it usually means things are running along as they should and nothing stands out. The numbers most real estate people follow are the number of current listings to make certain home buyers have homes to look at (There’s lots to see). Next thing to check is the number of daily-weekly-monthly-year to date sales to monitor if we’re in a buyer’s or seller’s market. It’s balanced (sort of). Then prices. Unusual price fluctuations in the market are tough on the public because no one really knows for sure when things will balance out and the risk of staying on the sidelines during a hot housing market are usually great. Except when they’re not. A market on the move creates a lot of over thinking, too many opinions and complicates something that shouldn’t be that complicated. Finding a correlation between Kelowna’s housing market and the price per barrel of oil, Vancouver’s 33 foot lots, the consumer price index or a diminishing dollar is something no one has figured how to do yet with any consistency. This means more people look to other sources to figure out what’s happening out there….which probably brings you here.
There are 1,600 active residential houses for sale in Kelowna right now and we’ve generated 1,888 sales through the first 7 months of this year. Seems about right. We’re a little ahead of last year on both fronts when we generated 1,693 sales at this point. The average sale price has increased from $537,400 to $543,400 which isn’t going to create headlines anywhere…..a good thing. Almost an identical story for apartment condominiums (didn’t include the ski hill) where we’ve sold 636 apartments this year compared to 561 last year while prices have jumped from $250,000 to $263,000. There are 670 apartments for sale today. See, nothing stands out other than slow and steady growth.
On the horizon we have a federal election to look forward to which will have some impact on housing. Regardless of whether you’re cheering for the red, blue, orange or green team (the blue team always seems to win here), your guess is as good as mine as to how the daily barrage of polling numbers will impact unit sales and prices here. Everyone will have some sort of opinion though.