Some statistics for the Central Okanagan from January through July 2015:
Residential homes YTD: Average $506,539 up 2.23% - Median $475,000 up 5.56%
Apartments YTD: Average $259,296 up 4.83% - Median $230,000 up 2.22%
Townhouses YTD: Average $361,405 dn 1.92% - Median $344,950 dn 1.44%
AVERAGE PRICE FOR JULY 2015
Town Houses $390,680
RESIDENTIAL HOMES that SOLD JULY 2015 were 282
Average days on the market for July 2014 - 73 days /July 2015 - 64 days. In Kelowna there are 1985 active listings, in West Kelowna there are 1058 active listings
To summarize, sales of houses, apartments and townhouses show significant gains year to date. With sales up 9.51% YTD.
It is taking fewer days to get a sale and house and apartment prices are rising. One surprise is that townhouse prices show a bit of a decline in average and median pricing.
What does this mean? Well, there is no doubt real estate sales are up significantly. We feel and see it every day and yet prices, while rising, are not rocketing skyward. This may be the influence of news from across the country and around the world, including what is happening in Greece. Yes, our economy in BC is doing well and we remain positive about our province and the country. Politics aside, employment is stable and even the issues with oil don’t seem to be having
a significant impact on our economy or real estate. The economists tell us the lower Canadian dollar is clearly helping to drive exports which is critical for a strong Canadian economy and strong employment. So what we have seems to be a stable economy yet a healthy dose of caution on the part of the populous.
This is probably a good thing and may well help us to maintain a pattern of ongoing slow but steady growth in our economy in general and in real estate in Kelowna.