Kelowna Real Estate Market News

Kelowna Real Estate Market Report July 2019

Kelowna & Central Okanagan Real Estate Sales June 2019.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Jun 19 465 244 182 14 25
  May 19 530 265 221 19 25
 

Apr 19

435 222 180 11 22
 

Mar 19

354 153 169 10 22
  Jun 18 509 265 195 27 22

Last month-:

- Total Sales were down 12.3% last month.

- Single-Family Homes sales down 7.9%

- Strata sales down 17.6%.


When we compare the numbers to last years:

Compared to last year -

- Overall sales were down 8.6%

- Single-Family Home sales down 7.9%

- Strata sales were down 6.6%.


June is traditionally a busier month for Real Estate sales in Kelowna and the Central Okanagan, but this year it was one of the quietest for many years. 


That being said, I had two new listings, one a +55  Condo in a popular Lower Mission location and one in a great Family Home neighborhood in West Kelowna, 1 received an offer the first day and the other in less than 14 days.


This tells me that there is still strong demand in certain areas of the Market, while other areas are still struggling.


Qualifying for Financing is still a big challenge for Buyers, and I have heard several reports that deals are continuing to fail due to Financing.


Inventory Levels

Total levels of Inventory in the Central Okanagan, July 2, 2019 -:


Residential 1685 units up from June 2019 1626.

Condo - 674 units  similar - June 2019 676.

Town Homes - 659 units down from June 2019 674.


Months of inventory

Single Family - 6.18 months up from 5.53 last month up from 5.48 last year.

Condos - 6.63 months up from 5.52 last month and up from 4.47 last year.

Town Homes 5.31 months up from 4.66 last month and up from 4.75 last year.


All sectors continue to show a broadly balanced market overall.


Median Prices

June 2019, Median Prices, compared to June 2018-:

Residential Home $650,000 down 3.7%.

Condo Price is $331,000 down 1.8%.

Town Homes $490,000 up 1.6%.


It looks like Median Prices as holding fairly steady overall, which fits in with it being a balance Real Estate Market.


Kind Regards


Trish Cenci


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