We have been spoilt this week, enjoying some gorgeous sunny Fall weather, here in the Okanagan, and having the sight of a Super Blood Moon.
As were drove past the Lake yesterday,with clear blue skies, it was hard to call it working!
In Real Estate, the early part of September carried on where August left off, and we were very busy, working with a number of Buyers. Sadly, not all of them went home having found properties, as inventory remains limited.
Kelowna Real Estate Sales September 2015
Looking at the September Residential sales numbers, they were predictably down on Augusts numbers, but we were surprised to see them down 11% on this time last year. Falling numbers in the single family home market accounted for most of the difference, and lot sales were also down.
Months of Inventory in key sectors of the Kelowna Market September 2015
|Area Criteria||Sold||For||Months||Trend*||Buyers /|
|S/Fam Homes W Kel /Kel $300k – $500k||88||308||3.5||Rising||Sellers|
|S/Fam Homes Nr Hospital $300k-$450k||0||4||4||Static||Sellers|
|2 Bed Condos UBCO $180k-$320K||17||28||1.6||Falling||Sellers|
|1&2 Bed Condos Downtown $200k-$500k||16||36||2.3||Falling||Sellers|
|Town Homes W Kel/ Kel $240k-$500K||43||149||3.5||Rising||Sellers|
Sales numbers in 2 Bedroom UBCO style condos remained strong during September, and there was also a flurry of sales in the down town Kelowna Condo sector. Also interesting were the low numbers of homes for sale in the Hospital area, and no new sales were recorded.
So what is happening with Kelowna Real Estate prices?
Much has been written now about falling inventory in our area, and overall, we are surprised that there hasn’t been more upward pressure on prices.
We looked at 2 areas of the market – see the graphs below and only now can we see that inventory has fallen to the kind of levels we saw during the boom in 2007.
Months of Inventory Condos $200,000 -$350,000 September 2015
Months of Inventory Single Family Homes $300,000 to $500,000 September 2015
Given that we are heading into a quieter time of year traditionally, this should not have too dramatic an effect on prices,for now, but if this were to be maintained in to the market next spring, we may see further pressure on prices to rise.
At this stage we also have the unknown external factors, such as the effects of our upcoming General Election, the ongoing effects of low oil prices and other global economic factors.
As always, if you have any questions about the Kelowna Real Estate Market or are looking for assistance in Buying or Selling a Home in the Kelowna or Okanagan Valley, please do not hesitate to give us a call or send us a note, as we would be happy to help you!
Trish and Tanis
Tel 250 863 8989