There are currently 1,260 residential homes for sale in Kelowna, 483 condo apartments and 465 lots. Focusing on residential, 577 of the 1,260 properties are priced over 700,000 and 683 homes are priced under $700,000. In other words, Kelowna is still an expensive city to live.
2,313 Home Sales Under $700,000
Through the first ten months of this year there have been 2,313 residential home sales under $700,000. That’s about 230 sales per month in this price bracket making this segment of the market a seller’s market. In other words, with under 700 homes for sale, there is less than three months’ supply.
385 Homes Sales Over $700,000
Affluent buyers looking at homes over $700,00 face a stark difference in market conditions. There have been 385 residential sales priced over $700,000 so far this year which works out to about 40 per month. This means it’s a buyers’ market with over 16 months of homes for sale. This is likely why high end sellers in this town aren’t getting the number of showings they would like but the math tells us that the number of buyers just isn’t there. Buyers in this this market segment have the luxury of choice and time on their side and can write aggressive offers without fear of other buyers writing on the same home.
Homes Asking Under $700,000 Getting A Lot Of Showings
This isn’t the case for the rest of us though. Sellers with homes priced under $700,000 are likely getting a steadier flow of showings and if their home isn’t selling, they might just be a price reduction away from generating an acceptable offer. It’s sometimes just that easy. Buyers in this part of the market (most of us) can’t afford to get too cute when writing offers because sellers are a little more confident and are less likely to look at low offers.
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