Kelowna Update January 2 to January 8th.

Posted by Andrew Smith on Tuesday, January 18, 2022 at 3:33 PM By Andrew Smith / January 18, 2022 Comment

These are our numbers to start the year, January 2 to January 8th. First of all, this week we visited the Abbott Street Cafe near Strathcona Beach, behind KGH. They use GioBean coffee which, if you’re familiar, is the coffee shop down near the Grand hotel. If you live in Kelowna you know how difficult parking is down and around the hospital, BUT, if you’re on foot, Abbott Street Coffee is a wonderful little spot. It is on the water and the service is 10/10. As you’ll learn in the next 4 paragraphs, I’m not busy. Give me a call if you’d like to talk about real estate over coffee sometime. There were 30 new active single-family residential listings last week, bringing the total to 376. So, still nothing for sale. 27 new apartments were brought to market last week bringing that total to 278. Still not good. Sold numbers are even worse… 19 single-family residential sales last week and 25 apartments sold. These are numbers we would see over lunch on a Tuesday here in the spring. The only interesting stat is out of the 19 residential houses that sold, the average price was 940,000. This is a meaningless number only because there are so few sales. The interesting part is that the average asking price was 921,000. It is an anomaly, but the average sale price is higher than the average asking price which means we are seeing multiple offers and anything priced well will sell. There are still buyers out there - just not as many. This is real estate in Kelowna during the 5th wave of a pandemic, kids being home from school, and everyone busy shoveling their driveways