Kelowna Real Estate
Â June year todate market report. There are currently 2230 homes for sale in Kelowna and there were 223 sales last month. This means, if you have a home on the market you have a 1 in 10 chance of selling it next month. The average sale price last month was $528,700. This is up from $487,000 from May 2011. You would think there would be downward pressure on prices with so much inventory for buyers to choose from but this isn’t the case. Overall year-to-date prices are also up from last year, albeit barely, $491,700 compared to $486,600 last year.
The 223 sales last month was a bit of an eye opening increase from the 197 recorded May 2011. So far, June is looking good too We’re deep enough into the year now to safely assume prices won’t be coming down. Sorry bargain hunters. We can also safely assume prices aren’t going to go into the stratosphere quickly either. Sorry sellers. Comparing sale prices on a month to month basis sometimes leaves you wondering what’s going on with prices but we can usually attribute that to a few freakishly high lakefront sales falling in a given month.
There are 73 foreclosures for sale which represents 3% of the overall inventory. There have been 57through June 1st which represents 6.6% of all sales this year. There was some worry at the beginning of the year that foreclosures might start putting downward pressure on prices but this hasn’t been the case. 153 Condominiums sold last month at an average price of $296,000.
The same 1 in 10 ratio almost applies here too with 1,570 condos on the market. Prices slipped a little from $309,000 in May 2011 but the number of sales is up from 130 12 months ago. Keep working hard everyone. Let me know if you want CMHC’s housing forecast for Kelowna emailed to you. Just got it yesterday. Follow me on Twitter if you want quick updates of our housing market in real time, or anythings else that might be going on in our busy household.