Kelowna Real Estate Market Update February 2017

Buyers remained busy in the Kelowna Real Estate Market last month, with many disappointments, as inventory is still proving hard to come buy. This remains great news for Sellers and not such good news for Buyers. As we will see below, prices are continuing to…

Quail Ridge Kelowna Golf Course Winter

Buyers remained busy in the Kelowna Real Estate Market last month, with many disappointments, as inventory is still proving hard to come buy.

This remains great news for Sellers and not such good news for Buyers.

As we will see below, prices are continuing to rise, but following my recent trip to the UK, I am reminded what excellent value we have here in the Okanagan.

At the extreme level, a Luxury, 9,268 square foot Penthouse in Central London is a cool CAD $56 million, which equates to $6,042 per square foot!! While an average 3 Bedroom Terrace Home, in Reading, Southern England, of 937 square feet , would cost you CAD $512,000, which equates to CAD$546 per square foot.

Central Okanagan & Kelowna Real Estate Market Sales January 2017

Trish&Tanis_Logo_WEB_IconOnly Date Total Single Family Homes Strata Lots Manuf
  Jan 17 260 114 114  19 13
  Dec 16 335 157 140  18 20
  Nov 16 393 182 176  15 20
  Oct 16 512 261 213  25 13
  Jan 16 226  98  98  16 14

Numbers to Note compared to January 2016 -:

  • Total Residential sales up 26.5%
  • Single Family Home Sales up 16.3%
  • Strata Sales Up 16.3%

Median Sales Prices January 2017 compared to January 2016

  • Single Family 2017 – $550,000 2016 – $488,500 Up 12.59% Days on Market (DOM) 2017 – 65 Days 2016 – 77 Days selling 14.64% quicker.
  • Condos 2017 -$275,000 2016- $234,000 Up 17.52% DOM 2017- 59 Days 2016 – 72 Days selling 17.89% quicker.
  • Town Homes 2017 – $385,000 2016 – $324,500 Up 18.64% DOM 2017 – 59 2016 – 87 selling 32.97% quicker.

What is the present outlook for the Kelowna Real Estate Market?

In our view, given that we are still not seeing a sufficient increase in inventory, to match demand, prices are set to keep increasing for now.

In the next year to 18 months, we will see an increase in newly built Condos, Town Homes and Single Family Homes in various areas of the City, which will assist supply, but as this will be at a higher cost to the Consumer, so we will still see  demand for more affordable housing.

Some of the potential threats to the Market are increasing Interest Rates, the BC Election, a sharpe correction in the Lower Mainland Real Estate Market and the Canadian Economy.

Our Current Buyers Shopping List.

If you know anyone looking to sell the following, please contact us immediately!

3-4 Bedroom Family Home Upper or Lower Mission  / Crawford Estate $550,000 – $1.2m.

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.

3+ Bedroom Lake Okanagan Lakefront Home – upto $1.5M

Kind Regards

Trish and Tanis

Tel 250 863 8989

 

 

 

 



Source: | Trish and Tanis Real Estate

Trish & Tanis
trishandtanis@gmail.com
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