Kelowna Real Estate Market Update June 2017

Flooding and Okanagan Lake Levels have been the major talking point in the valley this month. Our thoughts go out to our Lake and Creekside Homeowners, who have been sandbagging and some have had to evacuate their homes. As at May 31st 2017 the Lake…

Flooding and Okanagan Lake Levels have been the major talking point in the valley this month. Our thoughts go out to our Lake and Creekside Homeowners, who have been sandbagging and some have had to evacuate their homes.

As at May 31st 2017 the Lake was at 343.15m, and with the remains of the Snow pack still to melt, it is predicted to rise further. To keep in touch with the latest updates, I have attached the link https://www.cordemergency.ca/updates

As for the Kelowna Real Estate Market, it has remained busy, and while we have been hearing of many multiple offer situations and properties selling over asking price, some were reporting a quieter week last week.

It was difficult to quantify whether it was just the fact that we had our first warm sunny week, and people were distracted or whether it was a sign that the market is wanting to flatten out a little.

Certainly for the Parents we have looking for Condos close to UBCO and our Empty Nesters looking for Rancher Homes and Condos, these properties are moving extremely quickly, as there is little inventory to choose from.

Central Okanagan & Kelowna Real Estate Market Sales May 2017

Trish&Tanis_Logo_WEB_IconOnly Date Total Single Family Homes Strata Lots Manuf
  May 17  791  367 329 60 35
  Apr 17 600 291 246  44 19
  Mar 17 624 281 269  53 21
  Feb 17 384 207 151  16 10
  May 16 857 477  309  41 30

 

Residential Properties sales numbers were up again last month after a dip in April. Compared to April sales were up 31.8% and  down 8.3% over this time last year.

Current Inventory

Current inventory levels, in teh Central Okanagan, are at 2102 units which is slightly up on last month (2031) and down 14.8% from 2413 in 2016, but higher then its 10 year low, which occured in December 2016, of 1502.

 

 

Average price for Kelowna Real Estate May 2017

Residential

The Graphic shows the historical Median Price Trend for Residential Homes in the Central Okanagan, for the last 10 years.

As you can see it has been climbing for some time now. This month standing at $665,000 up 17.7% from its 2016 level of $565,000.

This time 10 years ago the Median Price was $439,450, which is a rise of 51%.

 

Condos

The Graphic shows the historical Median Price Trend for Condos in the Central Okanagan, for the last 10 years.

After a dip in 2013, when the Valley had an oversupply of Condos, prices have been rising. This month standing at $310,000 up 8.3% from its 2016 level of $286,250.

This time 10 years ago the Median Price was $253,000, which is a rise of 22.5%.

 

Town Homes

The Graphic shows the historical Median Price Trend for Town Homes in the Central Okanagan, for the last 10 years.

Prices had been fairly steady, but again, you can see prices starting to climb.. This month standing at $469,850 up 20.5% from its 2016 level of $390,000.

This time 10 years ago the Median Price was $335,000, which is a rise of 40.3%.

 

Days on the Market for Kelowna Real Estate May 2017

Residential – 49 days the same as 2016 49 days.

Condos – 44 days a reduction of 30% from 2016 63 days.

Townhomes – 36 days reduction of 39% on 2016 59 days.

Kind Regards

Trish and Tanis

Tel 250 863 8989



Source: |

Trish & Tanis
trishandtanis@gmail.com
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