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
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 /|
|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.
Trish and Tanis
Tel 250 863 8989