Prices in Kelowna Real Estate Are on the Uprise
There are 1098 residential homes for sale in Kelowna and we have generated 713 sales over the past 90 days. On the surface, Kelowna is in a balanced market.
The Kelowna Real Estate Prices average house sale has been over $700,000 for the year of 2017.
But, as usual, looking deeper into the numbers there are only 245 homes for sale priced under $600,000 and we have generated 307 sales over the past 90 days. That’s about 100 per month in this price range making this segment of the market a seller’s market.
412 Residential Sales
On the higher end of the market, there have been 412 residential sales in the same 90 day period of homes priced over $600,000 with 850 homes for sale. With about 135 homes selling each month in this higher price range, there is over 6 months of supply available making this segment of the market a buyer’s market.
Statistically speaking, November 30th is the best day of the year to list your home for sale. If other years are any indication, there will be about 200 or so expired residential and condo listings that day making December and January the two months with the least amount of competition. Yes, having a home for sale in December is more of an inconvenience and yes, homes tend to look better during the Spring and Summer, but you will have little competition during those months. There aren’t as many buyers in December but the ones who are looking are certainly all serious and the likelihood of converting a showing into an offer on your house is at its peak in December and January.
The listing count is at a low for the first time in 15 years, making this a sellers market and the buyers are struggling to find properties. Condos have had a very big shift and the number of new condo buildings that are being built and will be completed next year are numerous.