Hello,
Welcome to September! As we approach the final quarter of the year, Kelowna’s real estate market continues to evolve, with noticeable shifts across various neighbourhoods. While many compare the market from 2023 to 2024, it’s essential to take a closer look at each neighbourhood. We find that each area has its own unique micro-market, which plays a crucial role in determining values—whether you're a seller looking to price your home accurately or a buyer seeking a smart investment. Here's a snapshot of some key neighbourhoods.
Neighborhood Highlights:
- Lower Mission (LM):
- 2024 Sales: 101 | Active Listings: 109
- With a balanced market and an average sale price of $1,210,640, Lower Mission offers both buyers and sellers a wide range of opportunities. However, sellers may face more competition due to higher inventory.
- Lakeview Heights (LH):
- 2024 Sales: 125
- Leading in sales volume with an average price of $1,278,662, this area continues to attract strong buyer interest, especially from mid-to-high-end markets.
- Upper Mission (UM):
- 2024 Sales: 85
- Upper Mission’s exclusivity is reflected in its $1,403,541 average price, appealing to luxury buyers. With fewer homes sold, sellers can capitalize on the premium nature of the area.
- Glenmore (GL):
- 2024 Sales: 105 | Active Listings: 78
- Glenmore’s balanced market makes it an appealing option for both buyers and sellers, with an average price of $1,083,071.
- Rutland North (RN):
- 2024 Sales: 91
- Known for its affordability with an average price of $841,267, Rutland North remains an attractive option for first-time buyers and those seeking budget-friendly homes.
- Kettle Valley (KV):
- 2024 Sales: 35 | 2023 Sales: 46
- Kettle Valley is seeing more modest sales this year, though there are still 39 active listings, providing ample choice for buyers.
- Crawford:
- 2024 Sales: 13| Active Listings: 12
- With low inventory, sellers in Crawford may benefit from reduced competition and stronger pricing power.
Market Summary:
- Buyer Insights: Lower Mission and Glenmore offer balance, while Rutland North remains the go-to for affordability.
- Seller Advantage: Upper Mission and Lakeview Heights provide great opportunities to capture high-end buyers, while neighborhoods with lower inventory like Crawford could lead to quicker sales.
We would love to help you stay informed. If you have any questions we can help answer or would like more detailed information on a particular neighbourhood please let us know.
Warm regards,
Shannon & Tamara
