As you can see, we are late getting our latest Kelowna Real Estate Market update out to you.
We are as busy as we have ever been, with Buyers right now, as Clients are struggling to find their new home or investment property, with inventory so low.
We also found out, just about a week ago, that not all the First Year Students, at UBCO, were assured of a room on Campus, so we have had quite a number of Parents scrambling to find somewhere either for the Children to live or rent.
The phrase ‘ ready, willing and able’ applies more than it ever has, if Buyers are going to be successful in the current Real Estate Market. Pre- approval for financing is essential, and being prepared to go into a Multiple Offer situation are just two of the considerations that await hopeful Buyers.
Central Okanagan Real Estate Sales July 2016
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Sales are down just over 16% this month. This is quite normal, as Buyers tend to focus on their summer holidays, but we do believe the lack of inventory is also a factor, if we look at the number of Buyers we have been working with, for some time, who have not found the right property yet.
Compared to this time last year, overall sales are up 28.3%, with the most impressive numbers coming for the sale of lots , which have more than doubled in number.
Looking at the year-to-date, sales are up 25.15% for Residential Homes, 45.28% for Condos and 26.% for Town homes.
As expected Properties are selling much quicker compared to this time last year with Residential Homes now selling in an average of 50 days – a fall of 22.56%; Condos are now selling in 49 Days – a fall of 32.9% and Town Homes are selling in an average of 54 days – a fall of 31.43%.
So are prices rising? Yes, they are. The median price of a Residential Home has risen from $475,000 to $543,000 an increase so far this year of 14.32%; Condos have increased from $230,000 to $260,000 a rise of 13.04% and Town Homes have risen from $344,950 to $377,000 a rise of 9.29%.
Other News – Opening of the new Coldwell Banker Gallery at the Delta Grand – Water Street Kelowna
For those of you not aware our Coldwell Banker Office has opened up a new concept in Real Estate, with our ‘Gallery Style’ office in the Delta Grand Hotel.
Tanis and I are very excited to be part of it, so if you are in the area pop your head around the door and see if we are ‘On Duty’.
That’s all for this month’s update. As always, if you have any questions about the market or a specific question about you Buying and Selling needs, please feel free to give us a call or send us a note.
Trish an Tanis
Tel 250 863 8989