Kelowna Real Estate Market Update May 2017

The Kelowna Real Estate Market showed sales numbers slightly down on March. We were extremely busy, with many out of town Buyers hoping to come in to Kelowna and have ‘plenty of choice’ for their future home, only to be thrown into the ‘maelstrom’, which…

The Kelowna Real Estate Market showed sales numbers slightly down on March.

We were extremely busy, with many out of town Buyers hoping to come in to Kelowna and have ‘plenty of choice’ for their future home, only to be thrown into the ‘maelstrom’, which is our current Real Estate Market, of  Multiple Offers and Homes regularly selling first day!

Parents buying for future UBCO Students have also found slim pickings, as they are competing with Investors for purchases around Quail Ridge and UBCO.

Central Okanagan & Kelowna Real Estate Market Sales April 2017

Trish&Tanis_Logo_WEB_IconOnly Date Total Single Family Homes Strata Lots Manuf
  Apr 17 600 291 246  44 19
  Mar 17 624 281 269  53 21
  Feb 17 384 207 151  16 10
  Jan 17 260 114 114  19 13
  Apr 16 805  442  267  61 35

 

600 Residential Properties sold in April, compared to March’s 624 and is down 25.4% over this time last year.

Current Inventory is at 2040, compared to last year 2507 , a fall of 18.6%, a clear indicator that prices are likely to continue on their upward pressure for the immediate future.

Average price for Kelowna Real Estate April 2017

Residential Home  – $667,106, up 18.49% over 2016 $563,020.

Condo $336,139 up 20.32% over 2016 $279,365.

Town Home – $453,658 up 15.96% over 2016 $391,227

 

Days on the Market for Kelowna Real Estate April 2017

Residential – 42 days a reduction of 15.53% from 2016 50 days.

Condos – 45 days a reduction of 12.63% from 2016 51 days.

Townhomes – 43 days reduction of 32% on 2016 64 days.

Where are the Buyers Moving from? – March 2017 Buyers Survey Results

55.6% from Within OMREB Board Area (down from 63.5% in February)

17.5% from Lower Mainland/Vancouver Island (up from 12.0%)

8.4% from Alberta (down from 9.9%)

5.6% from Other Areas in BC (down from 6.9%)

5.3% from Eastern Canada/Maritimes (up from 3.4%)

4.1% from Saskatchewan/Manitoba (up from 1.3%)

3.1% from Outside Canada (up from 3.0%)

0.3% from NWT/Yukon (up from 0%)

As you can see Lower Mainland Buyers have been venturing up to the Central Okanagan in bigger numbers again recently, as they are certainly getting more for their money in this area.

It firmly remains to be a Sellers Market, and Buyers need to be ‘ready willing and able’, if they are planning to  enter the Market to Buy, particularly in the more ‘affordable’ area of the Market.

Pre Approval letters, for financing, are a must and if you see a property you like, call your Real Estate Agent immediately, don’t wait until tomorrow, as it will probably be gone!

Kind Regards

Trish and Tanis

Tel 250 863 8989



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Trish & Tanis
trishandtanis@gmail.com
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