Sun is Shining on Kelowna Condos
As is the norm this time of year the number of Kelowna condos and homes listed for sale is dropping. The reasons are obvious and understandable as sellers who haven’t been able to sell often take their homes off the market for Christmas and those thinking about selling often wait until the new year. In the past we’ve discussed why it makes more sense to do what everyone else isn’t but the numbers are consistent and predictable every year.
There are 1,273 residential homes for sale, 483 apartments or condos and 229 townhouses in all price categories and communities.
The condo market had a pretty good year in terms of sales. Through the end of November there were 909 sales for 2014 which is up from the 672 recorded this time last year. That’s an off-the-charts 35% increase in unit sales with a month to go. Prices only increased $10,000 from $238,000 to $238,000 which seems low considering the demand so this sector of the market just might be primed for a stronger 2015. Condo boards that don’t not allow owners to rent their units are making the buying pool smaller but look for prices to go up next year.
Townhouse sellers are having a pretty good year too. 467 townhouses sold this year compared to 366 this time last year. Prices are up $20,000 reflecting with the average price of a townhouse being $335,000 compared to $315,000 last year. Families are choosing townhouses instead of single family detached because, well, often they have to. Kelowna’s residential housing prices are still unrealistically high for a lot of buyers but the good news is that there are a lot of really nice townhouse complexes throughout the city. You just have to put up a few rules.
The single family market is still going strong. The average sale price in Kelowna this year is $546,000 and we’ve recorded over 2,600 sales. This is up from $489,000 this time last year when we recorded 2,275 sales. It’s easy to be optimistic when we start predicting what will happen in the new year because 2008 is still fresh in everyone’s memory but things aren’t looking too bad right now.
If you have questions on the process of buying or selling a condo, call or text me 250-979-8066
Royal LePage Kelowna
1-1890 Cooper Rd Kelowna BC