“Did you hear that the Johnston’s finally sold their house….it took over a year”, is a typical conversation these days in Kelowna. July of 2013 might be the month we all look back on and talk about years to come or it might be the start of a long sustained period of real estate growth. A statistical outlier or part of a pattern.
It might be time to stop making excuses and trying to justify why our housing prices in Kelowna are increasing. They just are. Undoubtedly there has been pent up demand with families putting off a move and 2013 looks like it’s shaping up to be the year that high-end sellers finally decided to became realistic with their asking prices. People can only handle looking at a weathered for sale sign on their front lawn for so long before they get the message.
There were 21 million dollar plus Kelowna home sales in July alone representing a quarter of the 82 sold year to date. There’s clearly some momentum in this segment of the housing market and there’s no reason this should slow down. This is far ahead of the 51 million dollar homes that sold last year at this point.
For the rest of us…..There were 302 residential home sales in July which is up from 250 recorded July 2013. In a city where 200 is considered a pretty good number (by me anyway) 302 is off the charts insane and likely unsustainable but we shouldn’t drop down below 200 sales per month for a long time. Hopefully those days are long gone. The average price overall year to date this year is $537,000 based on 1,694 residential sales which compares well to the $479,000 average this time last year with 1,469 recorded sales through the end of July. That’s a 15% increase in the number of homes sold and a 12% increase in prices. You can make a strong argument that living in a community where the average house costs over $500,000 isn’t a good thing and has its drawbacks but there certainly is a buzz out there and regular people want to talk about real estate again.
The most active segment last month, to no one’s surprise, was the $400,000 to $600,000 range where there were 147 solds. There were 91 under $400,000, 30 between $600,000 and $800,000 and only 14 in the $800,000 to $1,000,000 range.
Thanks for reading…. To view Kelowna homes for sale go to http://www.OkanaganBC.com or call Andrew Smith directly at 250-979-8066. Or Follow me on twitter @smithap01
Over 22 years experience helping people achieve their dream of home ownership!