Kelowna Real Estate and the Super Bowl Kickoff Welcome back. With the first month safely behind us now are there any real estate industry prognosticators considering changing their Kelowna housing predictions for the year? Anyone? Didn’t think some neither. January is one of those months that no one really takes seriously because 2 or 3 lakeshore home sales can skew the market upward and it’s one of the slowest months of the year for activity. Here’s what happened though. There were 121 residential single family sales compared to 116 recorded January 2013 so nothing to get excited about there. Same goes for average sale price with a January 2014 average price of $473,000 compared to $474,000 last January. In sum it’s same old same old so far this year.
It gets interesting though once you break down where the sales are coming from. There are 1,300 active residential listings for sale right now (Saturday afternoon) with 500 of them priced under $500,000 and 800 priced above $500,000. Last month saw 80 homes sell under $500,000 while 41 sold over $500,000. This means that 66% of our sales come less than 40% of our housing inventory. We still have way too many high priced homes sitting on the market not selling and at the same time not enough homes available to sell in the more affordable price ranges.
Glenmore was the most active community with 12 sales followed by Kelowna South with 11. Only 1 lakeshore home sold last month with over 100 for sale but that’s a meaningless stat because we all know lakeshore numbers ramp up as the weather gets warmer.
The #SuperBowl is probably over by the time you read this but I’ll make the following predictions. Broncos by 10, Seahawks win the coin toss, Bruno Mars opens with Locked Out of Heaven, National anthem will be over 1 minute 40 seconds, Peyton Manning for MVP and Richard Sherman will be on his best behavior.