Tuesday, 11 April 2017

How's the Market you Ask!

For most people in Kelowna, West Kelowna, and Lake Country, the first true sign of Spring is not the first robin we see but the street sweepers and they are at least 3 weeks behind! Now hopefully the rain has stopped we can wash our cars and they will stay clean for a few days. Seeing a bit more sunshine doesn’t hurt as well. It feels like we are finally exiting a longer than normal, winter hibernation. We’re all glad to be looking forward to our usual sunny warm days ahead.

Speaking of things to look forward to, the market continues to be active however, it is shifting in interesting ways. Check out the numbers below and note that sales are a virtual dead heat from last year; prices are up, and days to sell are down. Also, for prices under $560,000 sales are down noticeably but sales over this $560,000 mark are up 43% and over the $1M price, up 22% from March of 2016 to make up for the drop elsewhere.

If you are presently selling or trying to buy, these numbers come as no surprise. This is a Seller’s market and has been for some time. The nice thing about this time of year is that more listings come onto the market every day.

Here are some numbers for March 2017:

                                                         2016                2017
March Solds                                       635                 637
YTD Sold                                        1,317              1,313
Res. Prices-Mar. Avg                $566,762        $640,513   Up 13%
Res. Prices-Mar. Median           $518,000        $598,500   Up 15.5%
New Listings-Mar.                           1,130             1,069
Days to Sell                                          57                  45


Average Prices for Mar. 2017

Homes                         $640,513
Townhomes                $453,619
Condos                        $349,506
Lots                             $275,470

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