KELOWNA:
After five years of unprecedented
increases, housing prices are beginning
to realign. We must remember that all
markets go through cycles. Here in
Kelowna it's a buyer's market in real
estate, but buyers are just sitting on
the fence for the time being.
Both the number of property sales and
listings in Kelowna and area remained
steady in September, showing little
change from August. A total of 247
residential properties (homes,
acreages, apartments, townhouses) sold
in September in Kelowna and area through
the Multiple Listing Service® (MLS®)
compared to the 255 sales in August.
There were 412 sales in September of
last year.
The Single family dwellings inventory
looks like it has found it's level. For the
last four months just under 2000 homes
have been for sale. The number of all
residential properties available
for
sale now has also stabilized in Kelowna
and area at 4,517
for September. Prices moderated last month with
over two thirds of all single family
homes selling for under $500,000. The
average price of single family homes in
Kelowna last month was $475,524, down
from over $550,000 in April. This is the
second time since 2001 that the average
price is lower than a year earlier. The
median price in September was
considerably lower at $448,000. The
average price of all apartments sold in
September was at $269,335; The median
was again lower at $255,000. The average
price of all townhomes sold last month
was $390,062; the median price was
$395,000 due to the fact that not many high
priced properties are selling. MLS®
sales last month included only 128
single family homes. This is the
second month in a row that it has been the lowest ever since the 80s: 61
apartments, 29 townhomes sold in
September, which is similar to August. Seven properties sold
for over $1 million in August, 5 of them
were lakefront. In September, 3 sold for
over $1 Million, all were lakefront, and
one was purchased by the city of
Kelowna. There are currently 465
properties for sale over $1 Million.
|
Conclusion:
We are in a very competitive buyers
market. 20 sellers are chasing one buyer
as only 4.7% of all listings are
selling, Apartments 4.7%, Townhomes
4.9%, Lots 1%, Homes do best at 6.7% of
the inventory sold last month. It is the
second time since 2001 that the average
price is lower than a year earlier. Over
two thirds of the properties selling are under $500,000. Days to
sell increased again and is at 79 up
from 57 a year ago. The property must be
properly exposed and priced right in
order to attract that buyer. |
Major
Cities Report
Victoria:
Property Sales and Prices Steady in
September
Vancouver:
Home prices adapt to affordability
demands
Kelowna:
Sales and Listings similar to August
Calgary:
Opportunities for buyers, now better
than ever
Edmonton:
Edmonton resale housing market not
“plunging”
Winnipeg:
Best September MLS® performance ever
Toronto:
Housing market continued at a measured
pace through September |
