Kelowna Homes and Condos May 2023 Update
Kelowna Home Sales
Last week was another big week in the world of Kelowna real estate. We can add another 65 sales to the total bringing the yearly number up to 807. We’re still considerably behind last year’s total when we we had sold 1,250 homes at this point.
I think if you’re a glass-half-full type you see promise in the momentum being built with numbers increasing every week after a dismal, cold and dark winter. Prices are stable with the average sale price last week at $1.2 million and all this despite having only 1,168 homes for sale.
There are always going to be people who wish all of the above numbers were higher but we can take solace in the consistency of Kelowna’s housing market. The extremes are difficult to navigate and months where we generate over 400 transactions just aren’t sustainable and turn into feeding frenzies while the slow months with under 100 sales are grim and seem to have no end in sight. So, ya, 250-275 transactions a month are just about right.
A quick word on condos. No flashing red lights here either. 469 apartments for sale with 40 sales last week. The total number of sales this year is 494 compared to 763 this point last year. This is almost a mirror image of the residential picture. We’re doing OK here as well.
Week Ending May 8, 2023
A reasonably big week last week in Kelowna real estate with Realtors recording 68 residential sales including 13 from Rutland, 5 from the Lower Mission and 4 from downtown. The average sale price last week was $1,113,000 and the average number of days to sell was 55.
The number of homes for sale right now is 1,122 including 6 foreclosures, 145 vacant homes and 147 tenant occupied homes. If this market is going to produce 250-300 sales per month the market is balanced right now and I don’t see this changing through the end of summer unless something fundamental changes in the overall economy.
There are 470 apartments for sale in Kelowna in all shapes, sizes, price ranges and locations. Prices start at $209,000 for a studio apartment in an age restricted building on Sutherland up to a $12 million penthouse on the 36th floor in One Water street. Lots in between too. There were 38 sales recorded last week. The condo market is also balanced and in a pretty good place right now with a consistent number of transactions happening every week despite a limited supply.
We’re all concerned about the fires in Alberta right now. It’s a part of life here to have a go-bag ready during fire season just in case. If anyone has been evacuated and in need of accommodation we have two extra bedrooms, a couple of couches and lots of floor space. I’m not sure if we have any evacuees in Kelowna right now but when we do local bylaws are ignored and we see horses, chickens and other animals grazing on front lawns in residential neighbourhoods. People really come together for one another.
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