We have just looked over the real estate sales activity for this November, as it compares to November of last year, 2017. We thought you might like to see what has happened in our crazy real estate market that is Kelowna’s. These numbers are for the Central Okanagan only so from Peachland up to Lake Country and everywhere in between!
There were 137 single family home sales this November (2018) compared to 189 single family home sales last November (2017) That is a difference of 52 sales or 27% less sales this year than last.
For condos, there were 71 condos sales in November (2018) and when you stack it up against last year’s condo sales of 112 for November (2017) then that is also a drop in sales by 37%.
When we look at townhomes, there were 42 townhome sales in November (2018) in comparison to 49 townhomes sold in November (2017) – this makes a drop by only 7 or 15%.
WHAT ABOUT INVENTORY?
Overall, inventory is up across all types of property compared to last November. Condo inventory is up by 36%, townhomes, the number available for sale is up by 49% and for single family homes, there are 21% more homes for sale this November (2018) than last November (2017)
Taking all of this information into consideration, we can all agree that the market is a little slower than last year, at this time, but what a whopper year we did have last year! Remember how crazy it was? The fact remains, people are still buying homes! The takeaway from our comparison check, is that in order to attract the right buyer, homes of any size or shape must be priced correctly in order to realize a sale. This is more important now, than ever!
In the Central Okanagan the average price for a single family home is$650,785 and the median price is $625.000.
The average price for a condo is $329,000 and the average price for a townhome is $513,000
If you would like any more information or if you would like to know the current market value of your own property, then please don’t hesitate to contact our office 250-862-7675 or firstname.lastname@example.org and we will be happy to help, in fact, we look forward to hearing from you!
Thank you for visiting our Blog page and come back often for more updates on Kelowna real estate and events happening in and around our beautiful Okanagan!
Shannon & Tamara Stone