November 150 Homes Sold
There were 150 residential sales for the month November including 10 homes selling over $1 million and 2 homes selling over $2 million. The average sale price last month was $674,000 and the average time to sell a home was 66 days. November numbers are down sharply from November 2017 when we recorded 213 sales at an average price of $700,000. There are only 1,208 homes for sale right now which is low for a city the size of Kelowna.
There were 71 apartment sales last month at an average sale price of $329,000. November of 2017 saw our market record 112 condo sales at an average sale price of $334,000. The trend appears to be continuing with softer Month to month numbers as we approach the end of the year. The good news is that a healthy number of units, both residential and apartment are selling as smart Sellars are adapting to the new reality of fewer buyers willing to pay full price for homes this time of year. Too early to tell what will happen in the Spring when the supply of homes for sale increases but I imagine 2019 will look a lot like 2018 and not 2016 or 2017. Stable home prices not jumping all over the place isn’t necessarily a bad thing for a community like ours as we press the pause button and get used to the new reality of fewer buyers from the Lower Mainland and Alberta.
Thanks for reading and please share this with family or friends thinking of buying or selling