September Market Update The End Of Summer in Kelowna
Last month here in Kelowna we experienced a continuation of a trend with the number of unit sales below where they ought to be but the average sale price continues to rise. Kelowna continues to be a preferred destination for those able to retire here or have the ability to create a job for themselves on their laptop.
205 Homes Sold In August
There were 205 residential sales last month at an average sale price of $756,000. One of these numbers is high and the other number is low. I’m sure by know you can figure out which one is which. August is typically one of the strongest months of the year where we average just under 300 sales during the month so 205 is one of the weaker Augusts in a while. We have to go back to 2011 when we recorded only 158 sales for the month August. The reasons for the slowdown in market activity are many and have been documented here before. They include tightening of mortgage requirements as well as uncertainty about speculation tax in our upcoming provincial budget. The forest fires throughout the province haven’t helped things either.
Average Price Range
Prices remain high though. $756,000 is a huge number and is up considerably from the $719,000 we recorded last August and considerably higher than the $681,000 from august 2016. Will this continue? Kelowna always seems to defy gravity in terms of housing prices and with so much wealth around western Canada I can’t imagine prices falling below $700,000 ever again here. As always, thank you for reading and contact me if you have any questions, comments or thoughts on our housing markets.
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