Good news for Kelowna and surrounding areas as the Okanagan Mainline Real Estate Board has reported that in October 2013, sales activity of all MLS® property types is continuing to improve. Sales are up 26.82% from October 2012 with 383 units sold being sold this October. The number of residential homes has also increased 34.6% to a total of 354 units over this month last year. The number of all units listed in MLS for October is down 3.93% to 708 and residential listings are down 6.02% to 593.
The average price for a home is up slightly in October at $410,092 from $396,719 in September and up 1.50% over last year. The median cost is also up slightly from September ($351,500) at $365,000 as well as a 4.29% increase from October 2012. Single family dwellings are up 7.01% in average price, while apartments are down 33.70% and townhouses are down 4.76%.
The average days for any unit type in MLS to sell is sitting at 93 days this October, which is over a month shorter than last October (123 days) as well this September at 127 days. The average number of days to sell a residential home is sitting at 89 days.
The number of homes sold in the 360K to 399K and 440K to 479K price range saw a slight increase October over September, while the number of homes sold in the 600K to 999K saw a significant increase of 20% from last month and 76% over last October. The number of homes sold between 400K to 439K however, saw a drop of 17.6% from September but a 39% increase over last year.
The average sold price for a residential unit is sitting at $410,092, which is up 1.50%. Unlike last month where the average sold price for a single family residence was the lowest it has been in the month of September for three years, October’s sold price is up 7.01% at $481,993 over last October.
The average price in the Joe Rich area saw an increase in October of over 100k from September. There was also a slight increase in the average prices of homes in the Dilworth Mountain, Peachland and Fintry neighborhoods. However, the neighborhoods of Westside Road, Lower Mission and West Kelowna Estates saw a small decrease in their average prices.
The Luxury home market is down from last month with the number of million dollar luxury homes sold dropping from 25 to 19 in the last two months. There was also a general decrease in the number of million dollar homes listed as well this month.
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