July Typically Busy With Home Buyers
July is typically one of the busiest months in terms of high end homes selling which tends to skew the numbers upward but it’s clear there won’t be too much volatility either way in terms of prices through the end of the year.
There were 254 residential sales in Kelowna at an average sale price of $767,000 in July of this year. July of last year saw us record 221 sales at an average price of $876,000. In sum, unit sales up, prices down for the month.
Year to date we have sold 1,356 residentials at an average price of $732,000 compared to 1,511 sales at this point last year at an average price of $780,000.
Prices are up compared to June 2019 when the average sale price was $727,000 based on 244 sales. Prices are still high compared to historical levels but we’re a long way off from the $780,000 recorded July 2018.
Momentum in Building
At first glance it appears that unit sales are going to be down year to year here in Kelowna with the numbers showing a 10% drop compared to last year. We can still catch up though and momentum is building. We gained 33 unit sales last month and with five months to go we have a reasonable chance to catch up.
There isn’t much to report on condo apartments. 134 sales last month compared to 130 July 2018. The average sale price is up from $342,000 to $363,000. Although the condo market is reshaping the city’s urban landscape with new luxury towers all over downtown, those numbers aren’t included as most aren’t on MLS. In other words, the numbers would likely be considerably higher if we had access to new construction data.
Thanks for reading and please share this with family or friends thinking of buying or selling