Home Prices up 11% -12% Kelowna Real Estate News May 2016

Hi All, 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…

Hi All,

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

Trish&Tanis_Logo_WEB_IconOnly Date Total Single Family Homes Strata Lots Manuf
  Apr 16 805 442 267  61 35
  Mar 16 615 336 225  29 25
  Feb 16 431 225 168  17 21
  Jan 16 226 98 99  15 14
  Apr 15 552  328  183  21 20

 

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!

Kind Regards

Trish and Tanis

Tel 250 863 8989



Source: |

Trish & Tanis
trishandtanis@gmail.com
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