Housing Average House Sale Price
For the week ending June 25th 2017 there were 140 residential listings bringing the total up to 1,140. There were 60 residential sales last week bringing the yearly total up to 1,485. The average sale price for the year is $696,000. At this point last year there were significantly more home sales but at lower prices. There were 1944 sales this time last year and those homes sold for an average price of $615,000.
Kelowna Condo Sales
Upside down opposite story for strata condominium apartments. There were 57 apartments listed for sale last week bringing the total up to 398 units for sale. There were 40 apartment sales last week and the average sale price for year is $335,000. Condo prices are up about 12% from last year when the average sale price was $294,000. Unit sales are up a little also with our market generating 815 apartment sales this year compared to 774 this time last year. This increased activity is likely explained in large part from first time buyers being hesitant or unable to jump into the housing market and being forced to settle for apartment living. This is unlikely to change anytime soon.
Inventory is Low
With the number of residential homes inching up we’re in a balanced market for houses and a sellers’ market for apartments. No surprises there considering inventory levels and I’m not expecting much to change as we enter the 3rd quarter. The uncertainty over our provincial government situation hasn’t had any measurable impact and I haven’t encountered many people even all that interested about it. Provincial politics is a distant third behind lower mainland housing prices and Alberta energy prices.
The weather is getting warmer and with that thankfully our lake water is receding opening up many of our local beaches. We are seeing more boats on the lake with the locals and visitors once again enjoying what Kelowna has to offer. If you are thinking of making a move it is important to stay on top of the market so when you see the right property you are able to make a decision quickly. For those thinking of selling there has been no better time than right now with the low inventory of houses and condos.