Limited Housing Offered For Sale
Time for a mid-winter Kelowna housing update. There is a serious shortage of housing available in the Central Okanagan with only 701 residential detached single family homes for sale with 284 of these priced over $1 million. There are 175 homes for sale in the $500,000 to $700,000 range which is a reasonable number including 50 of these with basement suites. We’ve been an expensive town for years now and more buyers have accepted the reality that having a mortgage helper is necessary to meet a mortgage payment. The supply of homes will undoubtedly increase as we approach the warmer months and anyone looking to sell this year ought to seriously consider putting their home on the market prior to the inevitable onslaught of new listings we always see beginning in April.
256 Homes Have Sold
As of today there have been 256 residential home sales so far this year. This is pretty good market activity considering we’re only six weeks into the year. The average sale price was $762,000 which unusually high and will likely decrease as the year progresses. Not that I think the market will fall, more reasonably priced homes will sell which will bring the average price down. At this point in the year last year we had generated 220 sales with an average selling price of $667,000. Time will tell if this is the beginning of a trend but I suspect it isn’t considering the new mortgage rules which came into place in January. Regardless, we’ve gotten off to a pretty good start here in Kelowna.
174 Condos Sold
There have been 174 condo apartment sales so far this year at an average price of $330,000. This compares favorably to this time last year when we sold 119 condos at an average sale price of $315,000. The Kelowna condo market shows no signs of letting up anytime soon and continues to play a significant role in our housing market. Twenty years ago the ratio of condominiums sold compared to houses was 39%. Last year condos represented 53% of our marketplace. This trend will continue as evidenced by simply driving around town and looking at all the new condo developments being built.
Thanks for reading and please contact me if you are thinking of buying or selling