The condominium market in Kelowna is off life support and showing a strong pulse with the number of units selling in our marketplace increasing every month this year from a dreadful 41 sales in January to 165 in July. Here’s a monthly breakdown of Kelowna condo sales…
We must take caution because there are still 1,614 condominiums for sale and that number doesn’t include new construction. The good news for sellers is that unit sales are gaining momentum and sharply priced units in popular areas like downtown, Glenmore, hospital area, KLO are finally selling in a reasonable time period instead of going weeks without showings.
The median sale price for the first 6 months of this year was $270,000 which is down from the $292,000 recorded for the same period in2008. In an effort to keep things in perspective, the median sale price for condos sold during the first half of2007 was $257,000 which means consumer confidence is returning to this segment of the marketplace.