Kelowna's sales activity took a big jump in April compared to earlier months with unit sales seeing a 19% increase in activity compared to the same month last year. Single family home sales jumped almost 21%. This recent activity now has the market on par to last year given the slower start to the year with a total of 1,190 units sold in the greater Kelowna area year to date. Listing inventory is now down about 10% compared to last year.
The average price of a single family home is just slightly lower than
last year at $441,182 compared to $452,859. The median price remains
the same for all residential properties however at $349,500. With the
expected increased sales activity to continue in our area over the next
few months, it will be interesting to see what will happen to prices.
Even though the number of listings are down 10% so far this year, April
saw the same number of new listings as April last year.
Our area is definitely doing better than the Lower Mainland where
their activity continues to be sluggish in most Greater Vancouver
markets. Our lower prices, continuing record low interest rates and the
strength of the prairie markets has a positive impact for real estate
sales in our area.
Also, as the sunbelt areas of the US continue to
strengthen with monthly price increases, many buyers for second homes
are looking to the Okanagan once again.