Kelowna Real Estate Market Update April 2017

Apologies for the delay in our Market update this month! The reason – Buyers continue to search the Kelowna Real Estate Market, in earnest, for their new Home, Vacation Home or Investment Property. It is a very tough market out there, so it is critically…

Apologies for the delay in our Market update this month! The reason – Buyers continue to search the Kelowna Real Estate Market, in earnest, for their new Home, Vacation Home or Investment Property.

It is a very tough market out there, so it is critically important that before they start the process, Buyers speak to their Agent, Lawyer and Mortgage Broker, to ensure they are ‘ready, willing and able’ to buy when the right property comes along! That includes, having their Financing and Deposit ready to go.

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

Also at the end of March, Tanis took over the role of President of the Okanagan Mainline Real Estate Board, having served on this Board in various roles over last several years.

It looks like it’s going to be a busy and exciting year for our Real Estate Team!

Central Okanagan & Kelowna Real Estate Market Sales March 2017

Trish&Tanis_Logo_WEB_IconOnly Date Total Single Family Homes Strata Lots Manuf
  Mar 17 624 281 269  53 21
  Feb 17 384 207 151  16 10
  Jan 17 260 114 114  19 13
  Dec 16 335 157 140  18 20
  Mar 16 621  340  227  25 29

As you can see, while overall Real Estate sales numbers are broadly similar to this time last year, the spring market is really taking off.

Numbers to Note compared to March 2016 -:

  • Total Residential sales up 62.5%
  • Single Family Home Sales up 35.7%
  • Strata Sales Up 78.1%

One of the biggest gains has been the number of lot sales, with total sales rising 82.7% on this time last year.

Median Sales Prices March 2017 compared to March 2016

  • Single Family 2017 – $585,000 2016 – $513,000 Up 14% Days on Market (DOM) 2017 – 55 Days 2016 – 63 Days selling 12.8% quicker.
  • Condos 2017 -$299,000 2016- $254,500 Up 17.49% DOM 2017- 50 Days 2016 – 70 Days selling 28.99% quicker.
  • Town Homes 2017 – $420,500 2016 – $359,900 Up 16.84% DOM 2017 – 57 2016 – 82 selling 30.1% quicker.

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

With prices seeming to be rising quickly, Buyers are understandably nervous about whether this trend is going to continue.

Looking at the current inventory for the year to date compared with the same time last year, doesn’t make great reading for Buyers.

Inventory Numbers

Residential Homes 2017 659 compared to 2016 855 – reduction of 22.92%

Mobile homes 2017 67 compared to 2016 05 – reduction of 36.19%

Apartments 2017 340 compared to 2016 447 – reduction 23.94%

Town Homes 2017 201 compared to 2016 273 – reduction 26.37%

Lots 2017 271 compared to 2016 351 – reduction 22.79%

While we know that Home and Condo new starts are being built in record numbers, it is going to be a while yet before they are available, so for the foreseeable future, it looks like prices are going to keep going.

Kind Regards

Trish and Tanis

Tel 250 863 8989

 

 

 

 



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Trish & Tanis
trishandtanis@gmail.com
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