School days are almost over, you can feel it in the parks and sports fields, summer is coming! In Kelowna that means tourists exploring our city, lakes are full of boats, beaches full of people and the local Farmers markets are offering the fresh fruit we are famous for. In Real Estate we find great weather can have a positive effect on our market and that was true for May. Taking a look back at the sales we are seeing a positive trend with improvements in Single Family and Townhouse markets. Overall Market sales are only down 2% from May 2018 to May in 2019, however there is 21% more inventory on the market.The slowest segment of the market is Lots with only a 3% list to sell ratio. This is mainly due to the fact that costs to build have not come down. Currently, we have an inventory of 502 lots for sale and sales in this segment are down almost 50% from May of 2018. The strongest segment of the market in May was town homes with 21% of those listed selling last month, however days on market is a slightly higher than single family homes at 61 days vs 56. Single family home sales had a bit of a comeback last month with our list to sell ratio bouncing up to 19%, as well OMREB listed 10% fewer homes then in May of 2018.
Here are some specific stats for what happened in the Single Family market for May.
Single family home Sales in May:
Most expensive home – $6.4million for an acreage in Lake Country
Least expensive home – $295,000
Average sale price $757,000 and 2500 sq feetSingle family active listings in May:
Least expensive home listed $198,000 in Beaverdale
Most expensive home listed $10million on Sheerwater (11,000 sq feet)Luxury Market Listings in May
128 homes listed between $1million to $2million
20 home listed between $2million to $3million
17 homes listed over $3million
While making your summer plans, please save the date August 21 as we will be holding our annual client event in the lawns of Vibrant Vines again and hope you can make it! We will send out more details next month.June can be a busy month winding everything down, but know that we are never too busy to answer your real estate questions. Our team is always happy to help you, your family and your friends with any of your real estate needs.
Shannon and Tamara
Interested in learning more about current market conditions?
We are always available to discuss!