Kelowna Real Estate Market News Update January 2017

While total sales numbers have fallen this month, in the Kelowna Real Estate Market, don’t be lulled into thinking things are slowing down! Total inventory remains low, and there is still a mix of Investors, First Time Buyers and other Buyers, all watching the new…

While total sales numbers have fallen this month, in the Kelowna Real Estate Market, don’t be lulled into thinking things are slowing down!

Total inventory remains low, and there is still a mix of Investors, First Time Buyers and other Buyers, all watching the new listings like Hawks, and a number of our new listings had offers within days of listing, even over the Christmas period.

Central Okanagan & Kelowna Real Estate Market Sales December 2016

Trish&Tanis_Logo_WEB_IconOnly Date Total Single Family Homes Strata Lots Manuf
  Dec 16 335 157 140  18 20
  Nov 16 393 182 176  15 20
  Oct 16 512 261 213  25 13
  Sep 16 632 310 244  45 32
  Dec 15 333  178  131  17 7

Numbers to Note compared to last month

  • Single Family Homes sales down 13.7%
  • Strata sales down 20.4%
  • Total residential sales virtually the same compared to last year

This is partially due to the usual winter market being slower and less listings coming on the market.

New Listing & Inventory Numbers Central Okanagan & the Kelowna Real Estate Market.

  • 355 new listings in December 2016, 376 December 2015 – a fall of 5.59%.
  • Inventory 1841 units December 2016, 2,439 December 2015-a fall of 24.52%.

With numbers like these, it firmly remains a Sellers Market, and Buyers should expect prices to keep rising in the foreseeable future.

Median Sales Prices & Days on the Central Okanagan & Kelowna Real Estate Market.

  • Single Family Homes 2016 $550,0000 2015 $478,500 Increase in values 14.94%. Average Days on Market 51 Days – a fall of 21.93%.
  • Condos 2016 $262,500 2015 234,000 Increase in Values 12.18%. Average Days on Market 56 – a fall of 33.34%.
  • Town Houses 2016 $384,900 2015 $354,690 Increase of 8.52%. Average Days on Market 61 a fall of 12.39%.

Looking at individual neighbourhoods in the Kelowna and Central Okanagan area, we can see the biggest average gains in areas such as Kettle Valley, Upper Mission, Lower Mission & McKinley Landing. Part of this is due to there being a higher concentration of new building in these areas.

 

Know anyone looking to Sell?

We have a number of Buyers who just can’t find the right property at the moment.

If you know anyone looking to sell the following, please let us know right away!

2 Bedroom & 2 Bedroom and Den Condos – Quail Ridge & UBCO area up to $375,00.

Newer 2 bedroom 2 Bathroom Condo Central Kelowna Up to $275,000. Can be Rented Out.

2 Bedroom Condo in Sitara on the Pond – Shoreline Drive Lake Country.

+55 Single Storey Rancher Old Vernon Rd 2 Bed 2 Bath  Up to $400,000 preferably around 1300 square feet

2 Bedroom 2 Bathroom Condo or Town Home – Kelowna or West Kelowna Upto $350,000. No Short Term Rentals must allow 2 Dogs in the Strata By Laws.

If have any Real Estate questions, to do with the Kelowna Real Estate Market, we can help you with, as always, were are only a call or email away, or you can use the new “Live Chat’ feature on our Website.

Happy New Year everyone!

Kind Regards

Trish and Tanis Real Estate

Tel 250 863 8989

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Trish & Tanis
trishandtanis@gmail.com
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