It has been an interesting month, in the Kelowna Real Estate Market. We have seen plenty of web traffic, so the signs are that people are thinking about Real Estate. The level of showings started to pick up towards the end of the month, but a number of the potential Buyers haven’t yet ‘pulled the trigger’and made offers.
In talking, people have been keen to know how we think the downturn in the Alberta Economy and oil prices will affect the Kelowna Real Estate Market, and so far it has not had much effect.
In reviewing last months Buyers Survey Results, the percentage of Alberta Buyers has remained steady.Read where the December 2015 Kelowna Real Estate buyers came from.
If anything, more Alberta Buyers may be attracted to move to BC for better Economic and Job Prospects.
Kelowna Area Residential Real Estate Sales January 2016
|Date||Total||Single Family Homes||Strata||Lots||Manuf|
Initially, when I looked at this months sales numbers, I was a little disappointed, but the reality is that overall sales are up 9.7% on this time last year. What was interesting was that Strata sales exceeded Single Family Home sales, which is very unusual.
Months of Inventory in Key Areas of the Kelowna Real Estate Market January 2016
|Area Criteria||Sold||For Sale||Month’s Inventory||Trend||Buyers /Sellers Market|
|S Fam Kelowna / W Kel $300-$500k||34||177||5.2||Rising||Balanced|
|2 Bed Condos UBCO $170k-$320k||4||29||7.25||Rising||Buyers|
|1/2 Bed Condos Downtown $200k-500k||5||30||6||Falling||Buyers|
|Town Homes Kelowna/W Kel $240k – $500k||19||133||7.0||Rising||Buyers|
|Walk Out Rancher Kelowna $400k-600k||9||75||8.33||–||Buyers|
Single Family Homes Kelowna & West Kelowna $300,0000 to $500,0000 – 42 less sold this January compared to 2015, and the Month’s of Inventory has risen from 3.01 months to 5.2 months, Inventory available has fallen by 23%.
2 Bed Condos UBCO $170,000-$320,000 – Sales increased by 1, Inventory fell by 42%, Months of Inventory fell from 10 months to 7.25 months.
Town Homes Kelowna & West Kelowna $240,000 – $500,000 – Sales fell by 11 (36%) Inventory increased by 9% and Months of available Inventory increased from 4.06 months to 7 months.
It will be interesting to see, as we head into the spring market, whether these numbers become a trend, or whether it was just our usual January ‘market lull’.
What our Buyers are looking for this month!
Here’s what some of our Buyers are looking for this month -:
- Walk Out Rancher with a view, preferably Quail Ridge. Little or no garden maintenance up to $550,000.
- 1 /2 Bedroom Adult Condo, preferably Rutland Area up to $225,000.
- Walk Out Rancher Upper Mission, Modern & Bright, with minimum 2 Bedrooms on the main level up to $700,000.
- House or Condo with a good ‘Walk Score’, under 25000 sq ft Lower Mission / Kelowna South up to $550,000.
- Executive Home with Suite possibilities, with a pool or a pool sized yard up to $1.2 m.
- Home, preferably Rancher with a Lakeview and Private Lot, under 3,000 sq ft up to $800,000.
- Executive Homes must have a large shop, up to $1m.
If you have a property you are thinking of Selling this year, or you know someone who is, please give us a call or email us!
Trish and Tanis
Tel 250 863 8989