Kelowna Real Estate Update November 2015

Hi All, I will remember this October as one of our best Octobers for a while. With lots of lovely sunny days and the gorgeous autumn leaf colours. Real Estate business continued at its usual autumn pace, although I did notice some sizeable deals go…

a

Hi All,
I will remember this October as one of our best Octobers for a while. With lots of lovely sunny days and the gorgeous autumn leaf colours.

Real Estate business continued at its usual autumn pace, although I did notice some sizeable deals go through – the biggest, being a land deal, for over $12 Million.

Kelowna Real Estate Sales October 2015

Date Total S/Fm Strata Lots Manuf
Oct 2015 463 250 169 25 19
Sep 2015 480 243 199 19 19
Aug 2015 573 298 219 28 28
Jul 2015 565 319 205 23 18
Oct 2014 417 224 157 18 18

Octobers residential sales numbers, were down on September, but overall sales were up 11% on, with Residential sales being up 11.6% and Lot sales being up 38.9% on this time last year.

Months of Inventory in key sectors of the Kelowna Market October 2015

Area Criteria Sold For Months   Trend* Buyers /
Sale Inventory Seller Market
S/Fam Homes W Kel /Kel $300k – $500k 78 253 3.2  Falling Sellers
S/Fam Homes Nr Hospital $300k-$450k 4 11 2.8  Falling Sellers
2 Bed Condos UBCO $180k-$320K 7 22 3.1  Rising Sellers
1&2 Bed Condos Downtown $200k-$500k 3 30 10  Rising Sellers
Town Homes W Kel/ Kel  $240k-$500K 40 144 3.6  Rising Sellers

It is interesting to see the months supply of ‘affordable’ Single Family homes is still falling, which should signal more pressure for prices to start to rise, and while sales of down town condos has tailed off somewhat, it is to be expected, at this time of year, as part of that inventory is recreational / vacation style property.

Our thoughts on the Real Estate Market

During the winter months we expect to see the usual slower sales numbers and prices to remain fairly stable.

I have started to read a few more, what I call ‘ the sky is falling’ media articles, about prices being too high to be sustainable, but I am not getting the sense that that is the case with Kelowna.

Price rises have been very modest this year and inventory is lower, so most of our markets have remained in Sellers market territory.

Interest rates remain stable, rental rates remain low and the economic forecasts for BC are not showing any major warning signals.

We have seen some buyer clients, from ‘out of Province’, having to delay their moving plans due to flat market conditions in their own areas, and signs are that this is set to continue.

Kind Regards

Trish and Tanis

Tel 250 863 8989



Source: |

Trish & Tanis
studio@hiilite.com
No Comments

Post A Comment