The snow has nearly melted and one or two of the Golf Courses are starting to open and it’s been a busy February in the Kelowna Real Estate Market! What has been particularly interesting is the number of investors looking to purchase in Kelowna and the surrounding area.
Multiple Offers and offers on new listings are a regular occurrence, and we have a number of buyers looking right now, who are struggling to find inventory to even view.
Kelowna Residential Real Estate Sales February 2016
|Date||Total||Single Family Homes||Strata||Lots||Manuf|
Looking at this months numbers they are quite impressive! Sales are up 16% on this time last year.
Just for interest, I compared the sales numbers to February 2007, when we had a very busy market and we have just beaten the total numbers for that year!
Total Sales , in February 2007, were 424, Single Family Home Sales were 227, Strata Sales were 154, Lot Sales were 28 and Manufactured homes sales were 15.
Months of Inventory in Key Areas of the Kelowna Real Estate Market February 2016
|Area Criteria||Sold||For Sale||Month’s Inventory||Trend||Buyers /Sellers Market|
|S Fam Kelowna / W Kel $300-$500k||70||214||3.1||Falling||Sellers|
|2 Bed Condos UBCO $170k-$320k||9||43||4.8||Falling||Sellers|
|1/2 Bed Condos Downtown $200k-500k||11||33||3||Falling||Sellers|
|Town Homes Kelowna/W Kel $240k – $500k||50||133||2.7||Falling||Sellers|
|Walk Out Rancher Kelowna $400k-600k||15||50||3.3||Falling||Sellers|
Single Family Homes Kelowna & West Kelowna $300,0000 to $500,0000 – 36 more sold this month compared to January, and the Month’s of Inventory has fallen from 5.2 months to 3.1 months, Inventory available has increased by 21%.
2 Bed Condos UBCO $170,000-$320,000 – Sales increased by 5, Inventory increased by 48%, Months of Inventory fell from 7.25 months to 4.8 months.
1 & 2 Bed Condos in Downtown Kelowna $200k-$500k – Sales increased by 6, Inventory increased by 14% and Months of Inventory fell from 6 to 3 months.
Town Homes Kelowna & West Kelowna $240,000 – $500,000 – Sales increased by 31!. Inventory remained the same and Months of available Inventory reduced from 7 months to 2.7 months.
Walk Out Rancher Kelowna $400k-$600k – Sales increased by 6, Inventory fell by 65% and Months of Inventory fell from 8.33 to 3.3.
The higher sales numbers in February, have left inventory low in all key areas of the market, and it isn’t even spring yet!
What our Buyers are looking for this month!
Here’s what some of our Buyers are look
- 1 /2 Bedroom +45 Condo, preferably Rutland Springfield/Spall Area up to $250,000.
- 2 Bedroom and Den Condo which allows Short Term rentals near UBCO up to $310,000.
- 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 2500 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 $1.25 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