February Okanagan Real Estate Market Update…Market Firing on all Cylinders
There are only 833 homes listed for sale in Kelowna right now. Even considering the time of year, this isn’t a lot. The news gets worse if you’re out there house hunting once you consider that there are only 63 residential homes priced under $500,000 in our market area. Altogether we sold 3,012 residential homes last year which works out to 251 sales per month so we’re starting the new year in a seller’s Okanagan real estate market.
Average Sale Price in Kelowna $755,000 for January 2018
If the first month is any indication of what’s to come, things will be more active this year compared to last year. The average sale price for January 2018 was $755,000 compared to $650,000 in January 2017. January tends to be a low volume month and it isn’t wise to make predictions this early into the year but holy cow a $100,000 increase certainly gets your attention.
Apartment condominiums in Kelowna are starting the year off strong as well. There have been 93 sales so far this month with only 287 apartment condos for sale. Again, January is typically a slower month so 93 is a strong number and it’s a little troublesome that there’s such little inventory to show purchasers. Both numbers will rise as the year progresses but we outpaced January 2017 by a significant margin.
Let me know if you think this year might be the year you consider putting your place on the market. I can give you a reasonable estimate of your home’s value without letting a tenant know. As always, thank you for reading.
Thanks for reading and please contact me if you are thinking of buying or selling