Kelowna Market Update July 31 2022

There were just 31 residential sales last week at an average sale price of $1.13M.  This is about half the number of transactions we recorded this time last year and about 30% of the number recorded in 2020. We all know the reasons by now with purchasers who didn’t jump into the market during the past two years are deciding to continue sitting it out until interest rates stabilize and/or prices drop. It might be a long wait for them which isn’t good news for anyone. First time buyers are the lifeblood of any real estate market and with this group playing sitting on the sidelines it might be a while before numbers get back to normal.  We’ll keep reporting them though.

 Condominium Market

There are signs of life in the condo market with 26 transactions recorded last week.  After four weeks in the teens we’re finally able to report a decent week for this sector. With 460 apartments on the market and about 100 sales per month this market is more or less balanced and reasonably healthy with every price point selling albeit for less than sellers would like.

Sales

West Kelowna Estates is averaging only 1 sale per week with 50 homes on the market. Over the past three weeks there has only been three home sales in Dilworth Mountain so we know this won’t continue. Kettle Valley has only recorded two residential sales over the past three weeks putting buyers firmly in control. Historically Kelowna home sellers have collectively taken the strategy of waiting things out until the rest of the world decides where interest rates will land, when grocery store visits stop alarming us and gas prices stop bouncing around.

 There are still some “have to” sellers out there and aggressive buyers are taking advantage to some degree but for most people actively participating in Kelowna’s real estate market right now are noticing a real slow down in market activity.