Kelowna Real Estate Market News December 2015

Hi All, We had our first snowfall in Kelowna during last month, and temperatures are now in the minus numbers. Funnily enough, although I have seen minus 4 on the temperature gauge, it is felt more like minus 15 ! Looking at last months Buyers…

1st Snow KelownaHi All,

We had our first snowfall in Kelowna during last month, and temperatures are now in the minus numbers. Funnily enough, although I have seen minus 4 on the temperature gauge, it is felt more like minus 15 !

Looking at last months Buyers Survey results, it seems we have started to see ‘out of town’ buyer numbers tailing off, but there are still people looking.

Around the office, I am still hearing stories of ‘affordable’ homes going on to the market, and anxious buyers looking to view on the day it is listed.

It seems that if homes are priced correctly, they are selling much closer to list price, and I am seeing that regularly, when analysing the market.

Kelowna Real Estate Sales November 2015

Date Total S/Fm Strata Lots Manuf
Nov 2015 371 176 151 21 23
Oct 2015 463 250 169 25 19
Sep 2015 480 243 199 19 19
Aug 2015 573 298 219 28 28
Nov 2014 319 171 108 27 13

As usual, for this time of year, we have seen total Residential Real Estate sales down on the previous month. This month they were down 20%, but when we compare the numbers to this time last year, totals sales were up 16.3%, strata sales were up 39.8% and Manufactured Home sales were up 76.9%.

Months of Inventory inkey sectors of the Kelowna Real Estate Market Nov 2015

Area Criteria SOLD FOR MONTHS   TREND* BUYERS /
SALE INVENTORY SELLER MARKET
S/Fam Homes W Kel /

Kelowna $300k – $500k

66 221 3.34  Rising Sellers
2 Bed Condos UBCO

$180k-$320K

7 27 3.86  Rising Sellers
1&2 Bed Condos

Downtown $200k-$500k

6 27 4.5  Falling Sellers
Town Homes W Kel/

Kel $240k-$500K

34 154 4.5  Rising Sellers

Looking at this months numbers for key areas of the market, you can see that inventory has risen slightly in most of the sectors, but there have been good sales numbers in the Sunset Drive / Ellis area, which has seen inventory fall.

Lower Inventory Nov 2015

The attached graph, shows the last 3 years inventory numbers. It highlights how inventory has fallen.

During our recent Open Houses, we have continued to see Buyers looking for walk- out Rancher Style homes in the $475,000 to $600,000 range, and there are currently only 9 Ranchers, newer than 2004, with 3 to 4 bedrooms available in the Kelowna / Lake Country, side of the Lake. This highlights just one of the supply issues we are having right now.

So if you know anyone who is looking to sell, in this category, in particular, get them to give us a call!

Kind regards

Trish and Tanis

Tel 250 863 8989



Source: |

Trish & Tanis
studio@hiilite.com
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