It seems that there was no break in Buyers looking for Real Estate this August, which is normally a slower month, as people take their summer holidays.
We had one of our busiest Augusts ever, and had a number of Investors looking for Property, as well as people relocating to the Kelowna area.
Where we had seen a lull in sales of Condos in Quail Ridge, we suddenly saw a spike in both Investors and Parents looking for accommodation suitable for UBCO Students in the Winter and available for Rental in the Summer, and nearly all the Condos in the area are now sold.
When in the U Two Show Suite,near the University, a couple of weeks ago, 3 sets of potential Buyers walked in while I was there, so business has been brisk.
Kelowna Real Estate Sales August 2015
Overall Residential Real Estate sales are up 7.5% on this time last year, with Single Family Home sales up 7.9%, and Strata sales up 7.9%.
32% of the Single Family sales took place within 30 days of listing, which is similar to last year, where it was 34%.
Months of Inventory in key sectors of the Kelowna Market August 2015
|Area Criteria||Sold||For||Months||Trend*||Buyers /|
|S/Fam Homes W Kel /Kel $300k -$500k||101||313||3.1||Rising||Sellers|
|S/Fam Homes Nr Hospital $300k-$450k||3||12||4||Rising||Sellers|
|2 Bed Condos UBCO $180k-$320K||5||10||2||Falling||Sellers|
|1&2 Bed Condos Downtown $200k-$500k||8||49||6.1||Rising||Balanced|
|Town Homes W Kel/ Kel $240k-$500K||51||169||3.3||Rising||Sellers|
Again this month we see low levels of inventory, and in these sectors of the market, it remains a Sellers Market, with sale prices generally going much nearer to asking price, although we are not seeing too much upward pressure on prices.
This months Shopping List for Buyers
If you know anyone who is looking to sell, especially in the following categories, which is not already on the MLS® System, please pass this link on to them and encourage them to contact us please!!
– $500,000 – $700,000 Upper End Finished Home – bright, preferably a Rancher Style, Lower Mission or Upper Mission.
– Top Floor Condo up to $330,000 – Higher End Finishing, bright with a nice view & possibly Golf Course View
– Top Floor Condo up to $260,000 -with a view & easy walking distance to Shops & Amenities – Kelowna / West Kelowna
Trish and Tanis
Tel 250 863 8989