Kelowna Listings Are Stable
There were 478 residential listings brought to market in September bringing the total number of homes for sale in Kelowna up to 1,542. On the apartment side of the ledger, there were 174 condos listed upping the total to 917 units on the market now. All of these number fall into the “normal” category.
There were 94 apartment sales in September at an average sale price of $346,000. Comparing these number to last year, we generated 127 sales September 2017 at an average sale price of $323,000. This has been the trend all year and appears to be continuing. Prices are increasing while unit sales are falling. A likely explanation for weaker unit sales figures is that new construction isn’t calculated into our numbers meaning all the new condominiums you see being built when you drive around Kelowna isn’t included in our data. If I had access to new construction sales data I would guess that unit sales are at least on par with 2017 and prices are higher than what we’re reporting.
There were 203 residential home sales last month at an average sale price of $751,000. Same month last year saw 222 sales at an average sale price of $773,000. September of last year was an unusual month where we recorded 33 homes selling over $1 million including one over $7 million. I’m calling this an anomaly.
Overall things are fairly smooth and steady here in Kelowna. We’re in a balanced market and well priced homes are selling in a reasonable amount of time. Please contact me if you have any specific questions on our market. Thank you for reading
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