August 2023 Kelowna Market Update
There were 41 residential solds recorded last week in Kelowna with 20 of them over $1M and 21 under. Six homes sold in Rutland while another three traded hands in Dilworth. 19 of these homes sold in under 30 days and 9 homes took over 90 days to sell.
The average sale price last week was 1,078,000 and year to date the average sale price is $1,132,000. All in all the numbers last week weren’t too bad considering it was a four day week.
The resiliency of the Kelowna home buyer will certainly be tested this week with heat warnings and temperatures hitting the high 30s. If there’s a deal to be had neither cold nor hot weather stops people I’ve found.
There were 22 condo apartments that sold last week. Nothing really stands out except two selling over $1 million on Sunset Dr. downtown and the rare unit selling under $275,000 near Costco.
With the days getting shorter the housing market continues put up consistent numbers week in and week out. Those who are in the business of predicting what the Bank of Canada will do any time they meet can’t really predict with any certainty what’s next for mortgage seekers. I’m fairly confident though that I’ll be reporting another 40-50 sales next Tuesday.
August 1-6
For the week ending Sunday August 6 there were 46 residential home sales reported to our real estate board. At first blush it looks like prices jumped with Excel telling me that the average sale price was $1,245,000 but four of the homes were over $2M and two of those were over $3M. Since January 1st the average sale price is $1,134,000 so last week was a bit of an outlier.
The wealthy among us play by different guidelines and aren’t as affected by lending rate increases, consumer confidence and higher priced fuel or groceries. Multi million dollar vacation homes will continue to sell even during the most volatile of economic times.
With 46 recorded transactions let’s not overanalyze this and just take the W. This is up from 41 the previous week and just when we thought the wind was coming out of our sails we bounced back with a strong week. Hopefully this continues.
Condominiums had a good week as well with 31 apartment sales. This is up from last week also. Six of these units sold under $350,000 and only one sold over $1M. With 535 units for sale this segment of the marketplace continues to be balanced, stable and predictable. In fact, the condo market is likely stronger than we all realize absent real time data on new construction units and pre sales.
July 22-29
41 sales recorded for the week ending July 29 2023 which is what we predicted last week and will likely be what happens when we do this exercise next week as well. The average sale price was $1,150,000.
There were four homes selling between $2M and $3M last week in Lakeview Heights, Lower Mission, West Kelowna Estates and Kelowna South and three homes sold below $700,000 in Rutland, Ellison and Lakeview Heights.
17 homes were sold on the west side of the bridge and 24 sold on the east side.
There were 202 sales in total for the month of July which is sort of meh. This is down from the 249 recorded in June 2023 but up significantly from the 140 sold July 2022.
The stats for both the week and month don’t serve up any surprises at a time when I was quietly hoping for a surprise or two. Now that the calendar has turned over into August things will likely slow down with families more or less set for school beginning in September and most buyers will take a breather and enjoy the rest of the summer. I might do the same :)
Read Kelowna Market Update for June 2023
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Andrew Smith
Royal Lepage Kelowna
Lifetime Award of Excellence
Toll Free 1-877-330-5884
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Kierra Smith,
Royal Lepage Kelowna
2x Olympian
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