Our busy spring market continues, and there is no sign of a let up at the moment.
This is good news for Sellers, although a number of people are holding off selling to see whether prices will continue to rise.
For Buyers, it can be a ‘frenzied’ process as they have to be ‘on top of’ new listings to the market and be prepared to be in Multiple Offers.
Central Okanagan Real Estate Sales April 2016
|Date||Total||Single Family Homes||Strata||Lots||Manuf|
Sales are up 45.8% on this time last year, with Single Family Home sales up 34% and Strata Sales up 45.9%.
So what effect is this having on prices?
Compared to this month last year Median Sale prices are as follows -:
Single Family $528,000 2015 $475,000 Up 11.16%
Condos $255,000 2015 $227,000 Up 12.33%
Town Homes $367,900 2015 $329,900 Up 11.52%
Average Days on the market are also falling -:
Single Family – 50 days 2015 63 days
Condos – 51 days 2015 85 days
Town Homes – 66 days 2015 71 days.
Months of Inventory in Key Areas of the Kelowna Real Estate Market April 2016
|Area Criteria||Sold||For Sale||Month’s Inventory||Trend||Buyers /Sellers Market|
|S Fam Kelowna / W Kel $300-$500k||134||200||1.49||Falling||Sellers|
|2 Bed Condos UBCO $170k-$320k||26||26||1||Falling||Sellers|
|1/2 Bed Condos Downtown $200k-500k||23||35||1.52||Falling||Sellers|
|Town Homes Kelowna/W Kel $240k – $500k||60||123||2.05||Falling||Sellers|
|Walk Out Rancher Kelowna $400k-600k||31||36||1.16||Falling||Sellers|
As you can see across the board, the months of inventory continues to fall, and for Parents looking for UBCO properties this spring, as well as investors, it has been ‘slim pickings’.
What our Buyers are looking for this month!
Here’s what some of our Buyers are looking for this month -:
- We have an acute shortage of 2 Bedroom & 2 Bedroom and Den Condo near UBCO up to $310,000.
- 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.
As always, 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 right away!
Trish and Tanis
Tel 250 863 8989