As of right now there are 154 residential homes for sale, not including lakefront and not including homes on native land. There have been 78 sales so far in 9 months. This means there is approx a 17 month supply of homes on the market. (this number is a crude estimate and will change once all the conditional sales firm up….it will probably jump to 82 sales). Keeping in mind that 6 months of supply is considered a balanced market, LH is quite clearly a buyers’ market. I think anyone who drives around LH, even if they’re not looking for a house notices the number of for sale signs.
Sale prices haven’t been slowing down though… (again, non-native/lakefront….first 9 months of each year)
2001 102 $225,000 (’01 solely for historical purposes)
2005 163 $394,800
2006 133 480,000
2007 122 612,000
2008 79 558,000
2009 80 536,800
2010 83 624,400
2011 78 645,500 (average asking price for these homes was $678,400)
Lakeview Heights has regained all equity losses from 2008/9. The building of the new bridge has made life significantly easier for LH residents and the vote to form their own municipality (west kelowna) certainly hasn’t impacted property values negatively. All the new commercial shopping areas opening on the westside has made living on Kelowna’s westside easier and the construction of the new overpass/movie theatre/shopping mall will make the entire westside more desirable.
The question is what will happen to property values with 154 homeowners chasing 9per month. Obviously there should be downward pressure on prices but the area has outperformed other neighbourhoods in the past and ought to again. I would wager the average price will hit $700,000 before ever falling below $600,000 again.