Let’s start June Market Update this time with apartments in Kelowna. There are currently 303 apartments for sale including 150 which allow rentals. 65 of these are currently vacant and unoccupied. Prices range from the mid $150s for a one bedroom in Rutland and seven condos are priced over $1 million. There are 60, two bedroom/two bathroom units for sale priced under $300,000 which isn’t a healthy supply of affordable housing but first time buyers do have some choices.
Total Detached Homes For Sale
As for detached houses there are 1,041 for sale today. This number isn’t big enough especially in the lower end of the market. Looking at homes priced under $500,000 there are 25 in Rutland, 4 in Glenmore, 2 in Lower Mission and 7 in Glenmore. Inventory is certainly low for people looking to move into a detached house but although there are few choices, at least there are some.
SOLDS. There have been 672 apartment sales so far this year at an average sale price of 345,000. This is up from the 611 sales recorded at this time in 2016 when the average price was just above $300,000. The condo market is certainly healthy and is likely due to the influx of first time buyers who are priced out of the detached housing market.
Prices UP -Number of Sales DOWN
Speaking of the detached housing market, there are two interesting numbers to look at. The number of homes selling is down considerably from this time last year while prices are way up. There were 1,687 homes that sold this time in 2016 compared to 1,292 this year. The average price last year at this point was $621,000 and it’s since risen to $705,000. A lot of people in Kelowna are hesitant to make the 2nd or 3rd move up purchase these days because of the lack of choices and intimidating prices and are putting off a move for the time being. The high end home buyer who typically is from the coast or from out of province is still active pushing up prices. I imagine next quarter’s sales numbers will continue the downward trend due to people having difficulty securing insurance while the lake rises but prices likely won’t dip.