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My name is not Elaine
Way back in 2006 the Kelowna condo market generated 913 strata-apartment sales at an average sale price of $237,000. Last year our same Kelowna market area generated 689 sales at an average of $240,000. We haven’t experienced a lost decade here in terms of condo values but it certainly has been a tough six years. Apartment values rose quickly then have fallen steadily every year since the high of $293,000 we experienced in 2008. Since then average sale prices have been $259,000, $257,000, $256,000, $248,000 and $240,000 last year. Holy cow! The big dilemma facing any condo buyer right now is wondering if the bleeding has stopped or will the downward trend continue. By the way, I don’t include Big White in any of these statistics, nor do I include leased land or time shares. It just muddles things.
Has The Bleeding Stopped?
Probably. That’s the best I can do. The good news is that the number of units sold increased again in 2013 for the fourth straight year. We went from 608 sales in 2010 to 618 in 2011, 643 in 2012 and 689 last year. No one can deny this upward trend and I’m expecting this to continue this year. I don’t have any data available but there were so many unsold condominiums that developers had difficulty unloading post-boom which increased supply in the city which impacted our numbers. Most of those developer owned units are now sold now and the regular condo seller doesn’t have to compete as much with brand new product.
There are 450 apartments for sale in our board area now and 154 of them are listed as vacant and 15 are in foreclosure (meh - insignificant unless you’re one of the 15). Sale prices last year ranged from a low of $68,000 on All Star court to a high of $1,650,000.
For a FREE No Obligation List of Foreclosures view http://www.okanaganbc.com/kelowna-foreclosures/ or call Andrew Smith directly at 250-979-8066. Over 22 years experience helping people achieve their dream of home ownership!
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
