No end in sight to Busy Kelowna Real Estate Market – July 2016

Hi All, I hope you all enjoyed a wonderful Canada Day Weekend? Kelowna and the Okanagan Valley seemed to be packed to capacity, as we had one client who wanted to stay for extra day, to look at property, and could not find a find…

Hi All,

I hope you all enjoyed a wonderful Canada Day Weekend? Kelowna and the Okanagan Valley seemed to be packed to capacity, as we had one client who wanted to stay for extra day, to look at property, and could not find a find a hotel room throughout the Valley!

This month has continued to be very frustrating for Buyers, in the Kelowna and Okanagan Real Estate Market,  as they have a reasonable list of properties and then find only one or two still available to view.

We have had to do video previews with some of our out of town clients, in a bid to give them a chance of getting the Property they are looking for.

Central Okanagan Real Estate Sales June 2016

Trish&Tanis_Logo_WEB_IconOnly Date Total Single Family Homes Strata Lots Manuf
  Jun 16 865 458 320  47 40
  May 16 859 479 309  41 30
  Apr 16 805 442 267  61 35
  Mar 16 615 336 225  29 25
  May 15 645  347  235  25 38

As you can see the rise in sales number in June was modest. I believe this is more a result of lack of inventory than lack of demand.

For example -:

Current Residential Listings 817 , Last year 1191, Reduction of 31%

Current Condo Listings 401 , Last Year 655 , Reduction of 39%

Current Town Home Listings 226, Last Year 352, Reduction of 36%

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

The numbers and graph below highlight just how Single Family home prices have been now risen over the last 10 years. As you can see it has been fairly steady, and this year we are start to see much bigger rises.

Single Family 10 Years Median Sale Price Central Okanagan

 

 

 

 

 

 

 

 

 

 

 

 

 

With the low inventory and the rental vacancy rate trending lower, we can expect rising prices to continue.

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

What our Buyers are looking for this month.

  • 2 – 4 Bedroom 2 Bathroom Town Home , allows 1 Dog, not Age Restricted Ellison or surrounding area.
  • Large 2 Bedroom Condo – 1947 Underhill Street, preferably with a Lake View – approx.$800,000
  • 2 Bedroom West Kelowna Town Home up to 1500 square feet. Needs to be bright, have a nice sized patio and can be +55. 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 $330,000.
  • 2 Bedroom 2 Bathroom Condo near Quail Ridge or UBCO $260,000 to $300,000 – various Buyers.
  • 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 $1.3m.
  • 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.

If you are planning to sell or know someone who, in any of these categories, 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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