Where to begin this month….
There are 2,171 single family homes on the market right now and there were 193 sales in May. This means there is over 11 months of inventory on the market right now making this a buyers’ market. No news here as this has been the case since 2008. Kelowna home buyers seem to think prices will decline while many sellers seem to be of the belief that prices will rise again. This always seems to be the case when prices are stable. Hopeful buyers think a $400,000 home will be theirs once the price drops to $350,000 (it won’t) and many sellers think their overpriced home will sell once the weather heats up (election ends, playoffs end, Albertans show up again….use your own example). Both camps are unrealistic. The 193 buyers and sellers that came together in May did so because they realized prices aren’t going anywhere fast.
The average sale price in May was $495,000. There were 6 homes that sold over $1 million, 50 between $300,000-$400,000, 60 between $400,000-500,000. The first time buyer seems to be quieter with new mortgage rules in place so the move-up buyer drove sales last month. May of 2010 saw 192 sales with an average sale price of $545,000. The average sale price in May 2006 was $446,000 and May 2001 was $186,000.
There are 28 lakeshore homes on the market on the Kelowna side of the bridge (lower/upper Mission, Glenmore, Kelowna North/South) ranging in price from $1.8 million up to $6.3 million with only 10 sales over the past year. Compare and contract with the west side of the bridge where there are 39 lakeshore homes for sale with 15 homes selling over the past year.
We hope that wherever you’re reading this you’re getting a little bit of an early Summer. Go Canucks Go.