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
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 /|
|S/Fam Homes W Kel /
Kelowna $300k – $500k
|2 Bed Condos UBCO
|1&2 Bed Condos
|Town Homes W Kel/
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.
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!
Trish and Tanis
Tel 250 863 8989