You read that right. In fact, read it over and over again and try digesting it before moving on. This is basic grade 6 math where you add up the asking prices of all the single family residential homes for sale in Kelowna and divide it by the number of homes for sale (2,076) and voila, an average asking price of $868,772. Where else in Canada is the average asking price $350,000 higher than average selling price? In face, $350,000 itself is higher than the average Canadian selling price.
The third quarter of 2010 resulted in 400 Kelowna residential sales with an average sale price of $543,200. This is an improvement from the 2nd quarter 2010 when we had an average sale price of $538,600 (585 sales) and much better than the 1st quarter when the average sale price was $510,600 (432 sales) . This is clear evidence that our housing market is rebounding this year after the collective blow to the solar plexus we all took in 2009 (ok, and most of 2008).
September of this year was 139 sales with an average sale price of $510,000 which is up a lot from the $465,000 recorded 12 months ago and virtually even with the $512,000 recorded September 2008.
With over 2000 homes for sale right now pricing the home is even more critical than ever with all that competition but the good news is that prices are inching up again.
If you are considering a move to or in Kelowna choosing a neighborhood to live in can be a first priority. Decide how much driving you and your family are comfortable with . Do you need to be close to schools? fitness facilities? or close to work? Call Andrew to discuss the advantages and disadvantages of each neighborhood and which ones would work best for you and your family.