The end of a month is a time to look back and reflect on what’s been happening in a market. Most Realtors spend the other 29 or 30 days fully immersed driving buyers around town, negotiating at kitchen tables and communicating with people through all our various gadgets. The end of a month is the time to take, pop your head up, take a quick breath and try to look for any trends. Interest rates might rise but they never seem to. CMHC planning on letting lenders take on more of the risk which might slow things down a bit. Oil hovering around in the 80-85 dollars a barrel range ought to worry our Alberta buyers but they just seem to roll with it with a shrug. Kelowna home buyers have also reacted with a collective shrug and continue buying homes with a lot more confidence.
Kelowna Home Sales in 2014
In October (2014) there were 225 residential real estate transactions recorded at an average price of $531,000. Last October (2013) there were 193 sales at a $538,000 average. Unit sales were up 16% which is a continuation of the same trend we’ve seen all year but prices appear to have leveled off. I think both of these numbers are good. People clearly are able to buy a lot of homes in a community where housing prices are significantly higher than the national average (225 is a good month for what is typically a slow month). Remember, the averagein August for the country was $398,000 so theoretically we’re each carrying $140,000 more debt than anyone else.
Year to date prices are still up over 2013. Last year at this point the average sale price in Kelowna was $490,000 and so far this year it’s jumped to $545,000. The number of homes sold has increased from 2095 last year to 2,472 so far this year. The news appears to be good for both buyers and sellers. Yes, prices have increased over last year making it tougher to buy nowadays but price appear to have stabilized. There is still a healthy number of homes on the market (1,385) and this is evident when you drive around town and still see a fair amount of for sale signs.
Topic for next time is why November is the best time of the year to list you home for sale.
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