Home Prices up 12.8% Year to Date in the Kelowna Real Estate Market

Hi All, The Kelowna Real Estate Market continues to be a big talking point locally, as our very busy spring market continues. We are seeing offers and back up offers, over list price, and many disappointed Buyers , as properties get snapped up right away,…

Hi All,

The Kelowna Real Estate Market continues to be a big talking point locally, as our very busy spring market continues.

We are seeing offers and back up offers, over list price, and many disappointed Buyers , as properties get snapped up right away, which makes buying from out of town more challenging.

We have used video conferencing  several times, this month, to give clients the opportunity to view a Property quickly, when the right one comes on the Market.

Central Okanagan Real Estate Sales May 2016

Trish&Tanis_Logo_WEB_IconOnly Date Total Single Family Homes Strata Lots Manuf
  May 16 859 479 309  41 30
  Apr 16 805 442 267  61 35
  Mar 16 615 336 225  29 25
  Feb 16 431 225 168  17 21
  May 15 588  330  218  17 23

 

Monthly Sales are up 40.1% on this time last year, with Single Family Home sales up even more than last month at 45% and Strata Sales up 41.7%.

3 Year Active Residential inventory May 2016 Central OkanaganThis graph shows the last 3 years of Inventory of Single Family Residential Homes. This demonstrates how inventory is continuing to fall, with Year to Date listings 4,875 compared to 4973 last year, representing a fall of 2.77%.

While this doesn’t seem like anything to be too concerned about, when you compare it to the number of sales YTD 3,020 compared to 2,264 i.e. an increase of 33.39%, you can see why prices are rising!

Compared to this month last year Median Sale prices.

Single Family $530,000 2015 $470,000 Up 12.77 % Still Rising

Condos $259,000 2015 $229,000 Up 13.1 % Still Rising

Town Homes $369,000 2015 $340,000 Up 8.53% Less than last month

Average Days on the market Year to Date are also changing -:

Single Family – 54 days 2015 65 days Falling

Condos – 63 days 2015 85 days Falling

Town Homes – 71 days 2015 69 days Rising

 

Months of Inventory in Key Areas of the Kelowna Real Estate Market May 2016

Area Criteria Sold For Sale Month’s Inventory Trend Buyers /Sellers Market
S Fam Kelowna / W Kel $300-$500k 119 183  1.53 Rising Sellers
2 Bed Condos UBCO $170k-$320k 19 26 1.37 Rising Sellers
1/2 Bed Condos Downtown $200k-500k 22 41  1.86 Rising Sellers
Town Homes Kelowna/W Kel $240k – $500k 86 13 1.19 Falling Sellers
Walk Out Rancher Kelowna $400k-600k 26 35  1.35 Rising Sellers

 

Interestingly, this month we see some areas of the market showing an increase in the ‘Months of available Inventory’. At this stage, it is such a small rise, that we do not believe it will bring any relief to current pricing pressure.

 

We need your help! What our Buyers are looking for this month.

  • 2 Bedroom Town Home up to 1500 square feet. Need to be bright and have a nice sized patio. May Consider a 2 Bedroom Condo with large Deck / Patio. Maximum $320,000.
  • 2 Bedroom & 2 Bedroom and Den Condo near Quail Ridge or UBCO up to $320,000.
  • 2 Bedroom 2 Bathroom Condo near Quail Ridge or UBCO Up to $280,000.
  • House with a good ‘Walk Score’, around 2500 sq ft Lower Mission / Kelowna South up to $550,000, in reasonable shape.
  • Modern Home preferably with great lake view, high-end finishing, with a pool or a pool sized yard up to $1.25m.
  • Home, preferably Rancher with a Lakeview and Private Lot, up to 3,000 sq ft up to $900,000 Kelowna or Lake Country Area.
  • Executive Home 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



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Trish & Tanis
trishandtanis@gmail.com
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