Sales were 2% higher in August over 2018 market
Changing things up a bit this month let’s start by taking a peak at the overall Okanagan housing market. Sure, real estate markets are getting more segmented and trends are often different from one street to the next in the same neighbourhood but sometimes looking at a broader horizon helps paint the picture. Residential sales across the region of Revelstoke to Peachland were 2% higher for August compared to this time last year clocking in at 725, although this is less than July’s 810 sales.
While the number of sales across the region dipped compared to July, this is the second consecutive month that sales have had an upswing compared to last year. In other words, nothing spectacular to report other than things are better than they used to be and are looking up.
225 Kelowna residential sales at an average sale price of $748,000
In Kelowna last month we recorded 225 residential sales at an average sale price of $748,000. Compare and contrast to August last year when we only recorded 204 sales at an average price of $757,000. The 10% increase in sales is likely attribuable to the lack of forest fires this year more than anything. Prices appear to have stabilized. The lack of price fluctuations makes it easier to price a home and simplifies the process of having buyers and sellers agree on a price.
Year to date we have sold 1,581 residential houses compared to 1,715 this time last year.
Over the next four months there is a decent chance we can overtake last year’s overall number of 2,263 unit sales. Unit sales numbers weren’t spectacular last year and they won’t be this year either but we can take solace in knowing we’ve turned the corner and things are looking brighter. This makes everyone feel better about things.
The number of listings on the market is a manageable 1,641 homes. Sellers who follow market trends and study sales data know that overpricing a home and hoping for an offer hasn’t worked in a long time. The strategy of pricing a home properly on day one will still result in a sale in a reasonable amount of time.
Thanks for reading and please share this with family or friends thinking of buying or selling