Kelowna and the Central Okanagan saw modest gains in the real estate market in the month of August. Consumers are showing more confidence in the market place as can be seen by levels returning to around the 10 year average.
My market snap shot shows the average number of units sold (all property types) is down 5.72% this August (445 units) from last August (472 units). However, this Augusts’ percentage of units sold saw an increase of 5.65% above that of the current Year to Date.
Now if we look specifically at in-town home sales for August in 2012 and 2013, there was an increase of 13.97% from 358 units to 408 units. While the Average Home Sale Price from last August to this August is down 12.27% from $447,345 to $392,448. The Median Home Sale Price is down 7.33% from $375,000 to $347,500. Days To Sell have also decreased 4.54% from an average of 104 days last August to 99 days this August.
Looking more closely at the numbers, you can see that there was an increase in the number of homes sold in several of the price range categories.
If I further break these numbers down, residential houses account for 209 of the 408 in-town homes sold, with an average of 90 days to sell and an average price of $480,530 and median price of $435,000.
Apartments come in second with 98 units sold. They take an average of 120 days to sell with an average price of $228,633 and a median price of $205,662.
Next are townhouses with 66 units sold. They are only averaging 89 days to sell and have an average price of $347,834 and a median price of $327,000.
Lots have taken last place with 30 units. They take, on average, a whopping 349 days to sell with an average price of $203,870 and a median price of $165,000.
Listing activity and inventory is also down 1.07% from last August, from 746 to 738 in-town homes. You can see that in many cases, the number of home listed in each price category is down this August from last.
When looking at average sold prices, Big White has seen a huge increase from around $300k last year to almost $900K this year. The other area which saw a large change over the year is the Joe Rich Region which is down from around $500k to just over $200k. Regions such as Westside Road and Lake Country South saw a small increase in sold prices from July to August.
For those interested in Kelowna’s luxury home market, the number of million dollar residential sales is up slightly over the last couple of months.
All stats and graphs are provided by the Okanagan Mainline Real Estate Board.