Oct/27 Kelowna Market Stats
What was the Kelowna real estate market up to this October?
Kelowna real estate sales remain strong going into the fourth and final quarter of 2017
Despite the small decrease posted in October, sales of Kelowna single family home decreased slightly from this time last year and are at par from the previous month.
“It is typical for this time of year to see a slight slowdown in new listings and sales. I really enjoy the fall market as it allows us to spend a little more time with homebuyers.” says Tracey Vrecko, a top Kelowna real estate professional with RE/MAX Kelowna.
The inventory of Kelowna homes for sale remain a challenge for buyers. The fall market allows for some breathing room compared to the hot summer market. There were 878 new listings in October compared to 1118 in September. The average days on market have rising from 72 to 82 day to sell. While these number are all very common for this time of year, there is one irregularity.
The average price for a single family Kelowna home is up to $526,418. This is a 16% increase from this time last year. This irregularity is due to the increase in sales of Luxury homes in Kelowna. This includes the sale of the most expensive waterfront property this year posted at 6.4 million.
“The fall luxury real estate market has been very strong this year. When it comes to these types of properties, they don’t follow the typical sales cycles.” notes Quincy Vrecko, the top luxury real estate specialist with RE/MAX Kelowna.
In the month of October there were 6 sales of waterfront homes in Kelowna compared to only 2 in the hot July summer market. Overall, there were 11 luxury homes that sold in Kelowna and surrounding area for over 2 million in the month of October. These higher priced properties have raised the average single family home sales for the month.
As home buyer demand remains strong even in the fall/winter months, the Kelowna real estate market continues to grow. To ensure you are keeping on top of the changing market conditions, hire a professional Kelowna real estate agent. Quincy Vrecko and Associates is one of the top real estate teams with Re/Max Kelowna. Our team of professional real estate agents can help through the home buying process, giving you expert advice. If you are looking for a Kelowna family home, condominium, penthouse or a luxury waterfront home call 1-778-760-2860!
