Some statistics
for the Central Okanagan from January through July 2015:
Pricing:
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
Residential $535,845
Town Houses $390,680
Condo's $272,638
Lots $208,877
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.
