Kelowna Real Estate Market Update August 2015

Published 01 August 15 02:57 PM
Please note that our Blog had Moved

Hi All, 

Headlines were dominated for part of last month by the large Wildfire in the Westside Rd area of Kelowna.

I actually saw the lightning strike that started the fire and within an hour saw the tell tale plumes of smoke rising across the valley. 

Yet again, our thanks go to our excellent Fire Service, for the great job they do, and with the help of some cooler days and some unseasonal rain they now have everything under control.

It did seem to have an effect on Real Estate Business, as we experienced a dip for a few days in activity, but things were extremely busy again last week with showings and offers.

Kelowna Real Estate Sales July 2015 

Date Total S/Fm Strata Lots Manuf
Jul 2015 565 319 205 23 18
Jun 2015 652 350 238 26 38
May 2015 587 329 218 17 23
Apr 2015 551 327 183 20 21
Jul 2014 572 301 209 29 33

As you can see the quieter spell, did seem to have a knock on effect to the month end sales figures, being 15% down on last month, and just over 1% on this time last year.

We are also continuing to find that some Buyers are having challenges obtaining mortgages as lending criteria remains tight, and we understand that the rules for Self - Employed people will again be tightening up as of August 1st, so writing a 'back-up' offer remains an option, if a home already has an offer and is 'subject to' Financing.

As for how much of the market is being affected by the lower oil prices and it's effect on the confidence of Alberta Buyers, it is difficult to quantify at the moment, so we are continuing to monitor the Buyers Survey Results.As of last month, Alberta Buyers represented 18% of the market, which was up from 15.7% the previous month.

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

Area Criteria Sold For Months   Trend* Buyers /
Sale Inventory Seller Market
S/Fam Homes W Kel /Kel $300k -$500k 118 342 2.9  Falling Sellers
S/Fam Homes Nr Hospital $300k-$450k 4 8 2  Falling Sellers
2 Bed Condos UBCO $180k-$320K 14 54 3.85  Falling Sellers
1&2 Bed Condos Downtown $200k-$500k 13 52 4  Rising Sellers
Town Homes W Kel/ Kel  $240k-$500K 54 160 2.43  Rising Sellers

 Looking at some of the areas of the market we watch closely each month, you can see that months of inventory remain quite low, and is continuing to fall.

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 - bright, preferably a Rancher Style, 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 $330,000 - Higher End Finishing, bright with a nice view & possibly 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.