Kelowna Real Estate Market Update July 2015

Published 01 July 15 09:34 AM

Hi All, 

Happy Canada Day everyone!

It's been another busy month in our Real Estate Market and it continues to be a challenge for some of our Buyers to find their new home, due to lack of inventory.

At our Coldwell Banker Office meeting, recently, 3 agents were appealing to anyone who had the style of home they were looking for to contact them immediately, as their Buyers were ready,willing and able to buy, all looking for exactly the same type of Home, having viewed everything currently on the market. 

We also see Buyers continuing to find financing a little more difficult to come by, and it is essential, in such a busy market, to be pre approved before you start looking.

Kelowna Real Estate Sales June 2015 

DateTotalS/FmStrataLotsManuf
Jun-156523502382638
May -155873292181723
Apr -155513271832021
Jun - 076223731913226
Jun -145903272023427

With such strong sales number this month, I decided to roll back the clock and see what sales looked like in June 2007, and as you can see total sales are up  11% on last month, but of particular interest up 4.8% on June 2007, which was regarded as the peak of our Real Estate market. 

All areas of the market seem to be seeing sales numbers rising, and the average number of days on the market is also coming down.

Months of Inventory in key sectors of the Kelowna Market June 2015 

Area CriteriaSoldForMonths  Trend*Buyers /
SaleInventorySeller Market
S/Fam Homes W Kel /Kel $300k -$500k1173543.03 RisingSellers
S/Fam Homes Nr Hospital $300k-$450k492.25 FallingSellers
2 Bed Condos UBCO $180k-$320K15604 FallingSellers
1&2 Bed Condos Downtown $200k-$500k1148436 RisingSellers
Town Homes W Kel/ Kel  $240k-$500K701702.43 FallingSellers

All our key sectors, are now showing as Sellers markets.

I did particularly notice prices rising for condos in the Kelowna North area, especially at Discovery Bay, which often appeals to investors, as short and long term rentals are allowed.

We are also at peak season for Parents looking for condos near the University, so as expected, inventory is starting to fall there.

This months Shopping List for Buyers

If you know anyone who is looking to sell, especially in the following categories, which is not already on the MLS® System, please pass this link on to them and encourage them to contact us please!!

- $500,000 - $700,000 Upper End Finished Home - move in ready Quail Ridge, Lower Mission or Upper Mission..

- Walk Out Rancher, with good sized main living area to allow for entertaining, a reasonable sized garden and preferably a view up to $600,000

- Top Floor Condo up to $340,000 Quail Ridge - Higher End Finishing & Golf Course View

Kind Regards

Trish and Tanis

Tel 250 863 8989 

 

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About Trish Cenci

Tanis Read has been helping Buyers and Sellers achieve all of their real estate needs throughout the Okanagan Valley for 10 years. Also active in organized real estate, serving as the President of the Okanagan Mainline Real Estate Board for the 2017/2018 term.