Kelowna real estate market and the sales reports for January 2014 through October 2014 are in, and the data shows that the market is continuing to perform well. Homeowners who want to sell a house in Kelowna will be pleased to see how the market continues to see homes sold, as the reports reflect 4,400 homes sold between January and October this year, compared to 2013’s number of 3,598 during the same period. Let’s take a look at some of the data.
The price brackets for homes for sale in Kelowna, BC stayed steady. Sales of homes under $400,000 dipped only slightly, but homes over $400,000 saw several increases. The sale of homes under $200,000 saw a decrease, but homes priced between $320,000 and $369,000 saw the same numbers as last year of 238. The ability of this lower-priced bracket to hold steady shows good promise for the market overall, and highlights the ability for eager buyers to find a home with a lower budget. Now turning to look at the homes at $36,000 and up, we see the continued pattern of growth. For example, there were 226 homes for $440,000 to $480,000 sold last year, but 2014 saw 266 sold. The trend continues as we look at the other price brackets, such homes at $560,000 to $600,000, which doubled in sales numbers; 2013 brought us 77 homes sold at this range, but 2014 is at 140. The bracket with the best performance, with an increase of over 100 homes is $600,000 to $999,999; 2013 had 233 homes sold for this price range, but 2014 had 350. Homes selling at a million and up have continued to perform well, with 57 sold this year so far. It’s clear that Kelowna’s real estate market is still robust with many homes in demand.
Curious homeowners who need to or want to sell a property will be interested in the average selling price for homes last month. We saw this number dip a little, from 2013’s $481,993 to $494,639. However, the median home price went up from 2013’s $440,000, with an increase of $15,000, ending at $455,000. We’ll see how the market performs for us as we head into the end of 2014.
A total of 328 homes were sold in October 2014 in Kelowna. We saw 276 homes sold during last October, so this increase shows that homes for sale in Kelowna continue to be sought-after. Condos are still hot in the Okanagan Valley, with 908 units sold from January to October, 235 more than last year’s numbers. Townhome sales performance is also worth noting, with 724 sold this year so far, while 2013 had 536 sold. Mobile homes also had a modest increase, with 24 more sold than in 2013.
The growth of the Kelowna real estate market is a great indicator of the overall health of the market in Canada. If you’re looking at homes for sale in Kelowna, BC, you have plenty of options. You’ll find 1,052 residential homes, 873 strata and 310 building lots. Feel confident whether you’re a buyer or a seller, because the market of Kelowna is strong.
If you are thinking of buying or selling in November call Andrew Smith for his in-depth insight for your best options in the market.