February 2019 Housing Update
There were 39 residential housing sales last week in Kelowna with an average sale price of $690,000. Sold prices ranged from a high of 1.8 million to a low of 362,000 with average market time being 66 days. The most active neighborhood last week was Kelowna South with 5 sales. There were 83 homes listed for sale last week bringing the total up to 1,098 active listings.
There are 513 apartments for sale right now in Kelowna including the 43 that were listed for sale last week. There were 22 apartment sales last week at an average sale price of $332,000. The addition of micro-suites selling under $200,000 could have an effect on our average sale price numbers as more and more are listed and sold through MLS. The most active neighborhood last week was Lower Mission with 6 apartment sales. The only thing newsworthy last week is the return of reasonably normal numbers. We’re not seeing anything outrageous on the high or low ends of the market and a lot of buyers are finally seeing eye to eye on prices again after what seemed like a long period with a chasm between the two.
2019 Compared to 2018 Sales
Sellers believed the market would continue to increase while a lot of buyers saw little urgency in making a quick offer near asking price hoping for a correction. When both sides become more realistic home sale numbers increase. Regardless, it’s good to see some momentum in the market. We are still playing catch up when you compare our market to last year. There were 250 sales at this point compared to 170 now but there was a noticeable rush this time last year with buyers making purchases hoping to meet the deadline of tougher mortgage requirements. Thank you for reading and thank you for your continued support.
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