Kelowna Real Estate Homes and Condos Updates
There are only 1,265 residential homes for sale in Kelowna right now in all price ranges. 639 of these are priced over $800,000 so it doesn’t leave much for those looking for affordably priced accommodation. There are 350 apartments for sale which is a reasonable number especially for this time of year. There have been 1350 condo apartment sales so far this year representing over 130 condo sales per month. This number continues to creep up and condos are playing a significant role in our city’s real estate economy as first-time buyers are forced out of the detached housing market.
2450 Residential Sales Year To Date
There have been 2,450 residential sales to date at an average sale price of $717,000. With the cost of detached homes become unaffordable for many, we’re going to see the gap between condo and home sales continue to shrink as buyers see a condo as the only option open to them. This isn’t necessarily a bad thing as people will live closer to the core of the city which will help revitalize the downtown and relieve traffic congestion from Upper Mission, Glenmore and Lake Country.
Kelowna has seen a lot of changes over the last 20 years and the past year has produced even greater changes in our market. There has been a large increase in new construction in condo buildings, new homes and with the changes in RU7 zoning we are seeing many more duplexes and fourplexes referred to as infill housing being build in Kelowna South and North.
If you are thinking of purchasing or selling a condo or house in 2017 please give me a call. I can give you an estimate of value and sips on how to get more money from the sale of your property.
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7