Kelowna Market Update April 1- 14, 2024

For the week ending Sunday April 7th 2024 there were 40 residential sales recorded last week at an average sale price of 1,057,000. This represents a slight uptick from last week when we recorded 31 sales and prices are remaining the same. Rutland was the most active community last week with 7 sales followed by Black Mountain with 4 and Wilden with 3. The best thing one can say about 40 transactions over a weeklong period is that it’s a bigger number than 31. We’ll accept the momentum with gratitude but are hopeful to be back in the 50s soon.

There were 17 apartment condo transactions last week and an additional 12 townhouses. The most active area for apartment sales last was Kelowna North which posted 6 solds.

More Homes Listing For Sale

The number of homes for sale is beginning to increase. Realtors listed 150 residential homes last week bringing the total up to 1,529 housing units for sale. That’s a 10% increase in supply countered by 40 sales. This ought to put downward pressure on prices but this clearly hasn’t happened yet. There are 700 condos for sale in Kelowna so selection isn’t an issue for buyers entering the market.

April 7-14 Updates

For the week ending April 14th 2024 there were 43 residential sales, 19 apartment sales and an additional 10 town house transactions. Most reasonable people would conclude that last week’s results were “ok, not too bad”. Might even go as far as “better than expected”.

Let’s begin with townhouses. 1355 Findlay in Rutland sold in the high $500s while two brand new townhouses downtown on Lawson sold in the low $800s. All 10 fell into the $500,000 to $850,000 range.

Looking deeper into the apartment marketplace only 1 of the 19 sales were over $1 million and two were in the $200s. Two bed, two bathroom units in Meadowbrook behind London Drugs are now selling in the mid $500s while two bedroom units downtown on the 25th floor on the lake are selling in the low $700s.

Average Sale Price

Focusing on the 43 residential sales, the average sale priced slipped under the million dollar mark down to $998,000 while the median dropped to $920,000. I wouldn’t read too much into this because there just weren’t many high end transactions last week. There was only one sale over $2M.

There were 160 new listings brought to the market last week bringing the total up to 1,585. We continue to be in a buyer’s market.

Thanks for reading.
Andy and Kierra

Andrew Smith
Royal Lepage Kelowna
Lifetime Award of Excellence
Toll Free 1-877-330-5884
Real estate photo
Kierra Smith,
Royal Lepage Kelowna
2x Olympian

Post a Comment