Kelowna Real Estate Update October 2015

Hi All, 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…

Super Blood Moon

Hi All,

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

Date Total S/Fm Strata Lots Manuf
Sep 2015 480 243 199 19 19
Aug 2015 573 298 219 28 28
Jul 2015 565 319 205 23 18
Jun 2015 652 350 238 26 38
Sep 2014 537 281 205 33 18

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 /
Sale Inventory Seller Market
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

Condos $200-$350K Months of Inventory Sept 2015

Months of Inventory Single Family Homes $300,000 to $500,000 September 2015

SFD Months of Inventory $300k-$500k Sept 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.

And Finally…

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!

Kind Regards

Trish and Tanis

Tel 250 863 8989



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Trish & Tanis
studio@hiilite.com
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