With the month of February safely in the rear view mirror we can collectively breathe a little easier with two reasonably good months in the books. The average sale price last month for Kelowna residential houses was $462,500 which is up from $433,900 recorded February 2009. The median sale price in February ’10 was $429,000 which represents a 9% increase from last year. We still have too much inventory on the market, especially condominiums but well priced homes are selling in less than 90 days.
Lot sales are making a comeback with 16 lots selling last month. February 2009 only saw 3 sales so builders are showing some confidence early on.
High end condominium apartments are not selling these days. I can’t believe prices haven’t come down in this particular segment of the market yet after looking at the data. Currently there are 118 condo apartments for sale priced over $500,000 and only 1 (not a typo) sale so far this year. Something has to happen sooner or later with so many units for sale and so few buyers. Stay tuned we will keep you updated..
In the popular $300,000 to $500,000 market, there are only 600 residential single family houses for sale in Kelowna right now and we’ve recorded 174 sales for the first two months of the year. Things are looking bright for Kelowna’s middle class with two strong months in what is usually a slow time of the year. The summer market looks like it will be a busy one for us and we are looking forward to it.