I can't believe it that I am actually writing September on my Blog Post today!

August was dominated by thick smoke clouds shrouding Kelowna and the Okanagan Valley and for most of the month, I didn't see the Mountains but some amazing Sunsets!

It may have kept a few people away, but overall the City seemed busy with Tourists, but the Kelowna Real Estate Market was extremely flat.

August is usually slow, but after a hectic last two years, it 'seemed' slower than normal.

I am sure some Sellers were a little 'shell-shocked' as weeks would go by and some Listings would not have any showings.

The Kelowna Real Estate Market remains in transition mode, and many Buyers continue to sit on the Fence and will see how Fall plays out, particularly with the Speculation Tax vote due in October.

Kelowna Real Estate Sales August 2018

	Date	Total	Single Family	Strata	Lots	Manuf
	Aug 18	434	205	191	16	22
	Jul 18	451	223	191	17	20
	Jun 18	509	265	195	22	27
	May 18	535	262	221	31	21
	Aug 17	574	261	258	30	25

August produced its usual lull with totals sales down 24.4% on this time last year. Single Family Homes sales are down 21.5%, Strata Sales 26%, Manufactured Homes 12% and Lots down 46.7%.

Total Residental inventory as at the end of August 2018 stood at 3065 units which is a 30.5% increase on this time last year.

August 2018 Kelowna Real Estate - Median Sale Prices

This is the reality of the current Kelowna Real Estate Market -:

• Single Family  2017 $652,500  2018 $650,00 Static - Trend Falling. 
• Condos  2017 $311,500  2018 $328,000  Increase 5.3%  - Trend is Rising
• Townhomes  2017 $431,950  2018 $500,000  Increase 15.8% - Static.

As you can see August saw Single-Family Homes flatten off, but Condo and Town Home prices continued to rise.

It will be interesting to see how this continues to trend during September and October.

Looking at the Horizon - Kelowna Real Estate Market

Even though the Kelowna Real Estate Market has flattened out, the BC Real Estate Association (BCREA) remain optimistic about the Central Okanagan Real Estate Market and has forecasted an average price rise of 8.3% this year and a 6.7% increase for 2019.

Unit sales are predicted to be down 17.2% this year, but back up 4% next year, so, all in all, it looks like Sellers will need to keep their nerve, but expect sales to take longer than they have been.

To read my recent Blogpost on the BCREA Q3 Forecast, please view   https://www.trishcenci.com/blog.html/bc-real-estate-3rd-quarter-housing-forecast-2018-5719084

Kind Regards

Trish Cenci