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
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