Sorry I’m a couple of days late with my Monday morning market update but better late than never.
Here’s the scratch-your-head stat of the day…. There are 1,531 condominiums on the market (way too many) right now and 1,531 residential detached single family houses (about normal for this time of year) right now. Someone might prove me wrong but I don’t think there has ever been more condos on the market than houses in Kelowna.
There has been 584 residential sales so far this year with an average sale price of $487,000. This is off from the $503,000 average for this time in 2010 but significantly higher than the $405,000 average from 5 years ago. On the condo side, there have been 323 condo sales this year at an average sale price of $289,000. This is also down slightly from last year’s $295,000 but up from $248,000 five years ago. We have certainly faired much better than most communities and 2011 continues to look strong.
The Kelowna market is always interesting just before the spring and summer arrive as homeowners try and guess how many people for out of town will come to Kelowna on vacation, fall in love with our community and buy a home or condo. If fact there are some home owners that put their home on the market every year at this time and wait to see if they can sell to someone from out of town. Most people buying a home in an unfamiliar market will call a Realtor and Â get themselves educated on the market Â and what the previous sales in the neighborhood have been for comparable homes. The internet has become a buyers good friend for finding information
Until next time…