Kelowna Market Report February 2023
881 Homes for sale in Kelowna This Week
There were 86 new residential listings last week bringing the total up to 881 homes for sale. This number is almost double where we were at this time 12 months ago. As a community, we listed 49 new apartments for sale bringing number of condos for sale up to 433. These numbers will continue to rise as we approach the Spring.
Residential sales numbers are off significantly compared to last year. There were 72 homes sold last month compared to 181 in January of 2022. Same for apartments with 52 sales last month which is a significant drop from 103 sales January 2022.
A lot of what is going on right now is seasonal. The low sales numbers we’re experiencing are clearly a result of higher interest rates and fewer homes to look at but in any given year we only sell about 5% of our total sales volume during the month of January. It looks like we’re going to solve our low inventory problem before unit sales increase with more and more homes hitting the market daily.
February is starting strong 27 residential sales through the first six days and another 19 apartments sold so far so we’re on pace to surpass January’s numbers by next week.
Fun Facts About Kelowna
Kelowna is full of fun facts and fascinating stories. Here are some exciting things to know about this beautiful Canadian destination.
Astonishingly, the Okanagan Valley, where Kelowna is located, produces more than 85% of Canada's peaches, apricots and cherries!
Moreover, Kelowna's Lake Country was featured in the blockbuster movie Superman Returns, filmed at Kalamalka Lake and Wood Lake.
Surprisingly, Okanagan Valley holds more than 250 wineries – making it one of the most diversified wine regions in the entire country!
In addition to being framed by stunning mountains on three sides and gorgeous Okanagan Lake stretching 77 kilometres long, Kelowna has many other attractions that draw visitors from around the world.
Fascinatingly, there are one-of-a-kind theme parks here, like The Hive Climbing Center – a bouldering paradise with walls reaching up to 20 feet tall!
Moreover, snow lovers surely can't miss Big White Ski Resort, where snowfall is abundant yearly.
Stunningly, only 20 minutes from downtown Kelowna is Myra Canyon Park, with two trestles above 18 meters high! It's perfect for nature lovers who love stunning views along their trails. And for those looking for adventure, why not try biking to Naramata on the gravel road stopping at the wineries when you get there.
Additionally, if you're into beach life, remember to spend some breezy afternoons at Rotary Beach or Hot Sands Beach, where the sandy strip awaits along Okanagan Lake with breathtaking views and plenty of water activities!
Wow! All these exciting attractions have Kelowna sounding like a great spot to visit (or live!), so if you're looking for an unforgettable adventure packed with gorgeous landscapes and unique experiences, head on and explore this fantastic city today!
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If you would like to meet for a coffee with Andy or Kierra, please give us a call or email. We love to chat!
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