Kelowna Housing Prices on the Rise
A sign of a healthy economy is that there are only six residential foreclosures in Kelowna right now. There used to be 180 so this is a pretty good sign that things are going well here. The number of affordable homes for sale continues to be an ongoing problem that isn’t going away anytime soon. This might be a permanent problem with no real solution. There are ten bi-level homes for sale in Rutland or Glenrosa built in the 1970s with a median asking price of just over $400,000. Normally there would be about 40-50 1970s bi-levels for sale so inventory is clearly drying up.
Glass half full….There’s still ten for sale and these places all get you into a market that isn’t going anywhere but up.
Glass-half empty… That’s a lot of borrowed mortgage money for any first time purchaser.
345 Kelowna Homes Sor Sale Asking $500,000 to $800,000
Overall there are 1,023 residential freehold homes for sale in all areas of Kelowna. There are 185 homes priced under $500,000, 345 homes between $500,000 and $800,000 and 500 more priced over $800,000. We all wish there were more homes for sale, especially purchasers who used to have a problem of too much choice. There are 92 homes for sale in Rutland, 55 for sale downtown and 27 in Glenrosa. There are 80 on the lake, 100 homes in town for sale are vacant and 278 have suites.
As far as sales go things are still rolling along. Last week we generated 87 residential sales. The average sale price last week was $657,000 which was high due to 8 homes selling last week over $1 million. The average sale price year-to-date is $621,000.
Thanks for reading. Drop me an email if you want to see a breakdown on condos or lots in the area.