We all know by now that the Kelowna real estate market is very active and you’re seeing a lot more sold signs when you walk your dog in your neighbourhood. When I try to arrange 6 showings for a buyer usually 3 of the homes on my list have offers so pickings are getting slim. multiple offers or bidding wars aren’t the norm here but there certainly are more of them happening in our market. Let’s look at the Kelowna Condo Market this week just to change it up a bit.
First things first¦.I’ve taken all Big White Ski Resort data out of this analysis. It just confuses things. Lakefront and native condos are in this time. The news isn’t as good for condo owners but it’s significantly better than it has been. So far this year through the end of July there have been 561 apartment sales compared to 397 this time in 2013. Sharply priced units that weren’t even getting showings a year ago are now selling which is certainly healthy and about time. Prices are inching but not enough to get excited about. The average sale price this year for apartments is $250,000 compared to $245,000 last year.
There are 586 apartments still on the market which is a lot for a market generating 80 sales per month. This market is still a buyer’s market and will be until we figure out how to sell 100 units a month or inventory comes down to 480 units for sale. Still, I can’t emphasize enough how much better it is than last year but we still have a ways to go.
A quick bit of unasked advice for strata owners out there. One of the first three questions being asked by Kelowna Realtors after a good showing is Is there a depreciation report? Lenders are asking for them now and although it’s not a deal breaker if your strata doesn’t have one, it’s just easier if it’s been done or is in the process of being done. I know you’re allowed to defer this and many people are but I think it’s prudent to get this done as soon as possible.