Скачать или смотреть Why Kelowna’s Average Home Price Jumped to $1.3M: Coffee With Andy

There were 40 residential sales last week with the average home selling for over $1.3 million. This is considerably out of line with what we’ve been seeing all year but every once in a while a lot of expensive homes sell during the same week which throws the average price out of whack. The median sale price last week was $976,000 which is in line with what we’ve seen all year.

To put things in perspective, the average sale price so far this calendar year is $1,080,000 which seems about right. Clearly there was just a cluster of high priced homes selling last week and not any movement in home values overall.

Switching gears to condominiums there were 27 apartment sales last week with the average coming in at $440,000. This is up from the 17 condos sold last week so we’re finally building a little momentum in this segment of the market. There are 794 condominiums on the market which is still high resulting in a buyers’ market. We are slowly chipping away at the number of condos for sale but with almost 800 units for sale we would either need to see the total number of listings drop to around 600.

We are all grateful here in Kelowna that we’ve avoided any significant fire damage and real estate is humming along business as usual. We know other communities aren’t as fortunate this year. So far there haven’t been any insurance issues arise this year regarding homes completing on time and hopefully this continues.

Thanks for reading.

Andy and Kierra