Some have been asking for condo statistics for last month so here is my breakdown with explanations and predictions. Sometimes I’m even right.
The facts. There are 423 townhouses and 1,103 apartments for sale right now in Kelowna. The average sale price last month for townhouses was $350,000 which is up from $344,000 the previous month. Apartment averages rose significantly from $223,000 to $273,000. When we see dramatic monthly changes in price, either up or down, we always caution people not to read too much into it. If you’re an apartment owner, please don’t be led to believe you’re now $50,000 wealthier this month because this will correct itself shortly.
Chances are, if you own an apartment worth over $400,000 it didn’t sell last month. There are 160 such units on the market and only 9 (not a typo) recorded sales last month. This means there is an 18 month supply of inventory on the market right now in this price range with more listings appearing daily. This is the segment of the market that needs a price correction more than any other but optimistic sellers are reluctant to adjust asking prices. The good news is that the over supply of high end apartments will work itself out eventually and this cohort of seller is the most able to sustain an extended buyers market since there aren’t too many “have-to-sell-now-for-groceries” sellers.
There are 850 apartments priced under $400,000 with 67 sales recorded in May. Still a buyers market but nothing unmanageable or newsworthy here. An 11 month supply of these units often requires a price tweak in order to sell but sharply priced listings are selling.
Townhouses. A little more balanced here with an 11 month supply in the under $400,000 range and 29 sales in May and 305 units available. There are 118 available over $400,000 with 11 sales last month.
We hope you’re enjoying your Summer wherever you are now and please drop in and say hello to us if you visit Kelowna.