Kelowna housing results for March totaled 338 residential sales during the month with an average sale price of $573,000. The average market time for homes sold last month was only 59 days. In other words, it was a strong month and things are looking good for the rest of the Spring and Summer. Inventory of homes available for purchasers will become more of a problem especially under $500,000 but well priced homes are selling quickly and buyers have to be on the ball.
Kelowna Housing Sales For March 2016
Compare and contrast this to March 2015 when there were 276 residential sales at an average sale price of $515,000. Everyone considered March of 2015 to be a good month and this March will generate the same reaction. Always remember that sales data for a single month doesn’t mean anything especially when the number are as off-the-charts as they are now but there certainly is upward pressure on prices overall.
Year to date we’ve generated 660 residential home sales at an average price of $570,000. The same quarter for 2015 saw 580 residential sales for $519,000. As a rule of thumb, I always feel pretty good about the Kelowna real estate market when we’re able to show an average of 200 residential sales per month which we’ve done and we have the six strongest months ahead of us.
There were 205 residential over the first quarter of 2015 at an average sale price of $253,000. There were 284 apartment sales this year so far selling for an average of $283,000. An extra 80 condo sales is certainly more than a blip so the condo apartment market is roaring along just fine also. The $30,000 average sale price increase is eye popping as well. We all knew the condo market would roar back to life after being dormant for so long but we still have a lot of inventory available in the segment of the market. First time and last time buyers need not panic as there are still a lot of condo units to see.