MLS listing count in the Kelowna British Columbia topped 1,000 recently
……………and the current total reads 1,057 residential homes for sale in all price ranges. Let’s take a look how it breaks down…
512 priced under $800,000, 545 priced over $800,000.
48 priced under $400,000, 61 are priced over $3,000,000
122 priced under $500,000, 129 are priced over $2,000,000
245 priced under $600,000
812 priced over $600,000
255 homes for sale have suites
8 in foreclosure
111 are vacant, 129 are tenant occupied.
How is this impacting sales in Kelowna MLS?
Glad you asked. First of all, those who predicted a year similar to last year can go sit in the corner and take a few moments to rethink things. Every single one of those numbers above needs to be higher (except foreclosures). There just aren’t enough homes for sale especially in the lower end of the market and first-time buyers continue to get beat up. This time last year we recorded 1,420 residential sales at an average sale price of $596,000. So far this year we’ve recorded 1,118 sales at an average sale price of $671,000Unit sales are down 21% compared to this time last year and prices are up 12.5%. Unless the number of affordably priced homes increases as the year progresses, this trend of dwindling sales will continue and we will likely see prices continue to rise. All bets are off though if mother nature steps in and puts a stick in the bicycle spokes with the 1 in 200 year flood we’re all hoping doesn’t come. Things will be interesting through the end of June as the lake continues to slowly rise as snow melts from higher elevations and this could slow things down for us especially areas in low-lying elevations. Stay tuned.
Let me know if you’re interested in finding out what your home is worth. www.KelownaHouseValues.ca