Bright spots of Kelowna real estate market

Kelowna summer monthly house sales totals have lessened since Spring.  Kelowna summer market conditions has favored Buyers as Sellers over the summer months have had to catch up with the realiities of the Kelowna housing market by adjusting their asking price to precipitate a sale.  Okanagan Mainline Real Estate Board August MLS stats are in so take a closer look at Central Okanagan's real estate market:

• ytd residential Central Okanagan property sales are up +3.83%; +0.45% Kelowna, +6.91 West Kelowna and +16.99% in outlying areas (includes Beaverdell/Carmi, Carr's Landing, Fintry, Lake Country East/Oyama, Lake Country West and Peachland)
• July Central Okanagan single family residential sales were down -40.56 % compared to June; August was +9.52% compared to July but down -34.43% compared to June.  Buyers on summer holidays like other markets are experiencing?
• property inventory levels continue to be elevelated
• continued record low mortgage rates are encouraging wary Buyers into their perfect Central Okanagan home hunt

 

Central Okanagan includes Beaverdell/Carmi, Black Mountain, Big White, Carr's Landing District, Dilworth Mountain, Ellison, Fintry, Glenmore, Glenrosa, Joe Ritchie, Kelowna North, Kelowna South, Lake Country East/Oyama, Lakeview Heights, Lower Mission, Lake Country West, North Glenmore, Peachland, Rutland North, Rutland South, Southeast Kelowna, Shannon Lake, Smith Creek, Springfield/Spall, University District, Upper Mission, Westbank Centre, West Kelowna Estates and the Westside Rd.

• June 355 property sales; 212 single family residential; 101 strata; 18 lots & acreages
• July 234; 126; 80; 12
• August 284; 138; 112; 15

 

City of Kelowna includes the areas of Black Mountain*, Dilworth Mountain, Ellison*, Glenmore, Joe Riche*, Kelowna North, Kelowna South, Lower Mission, North Glenmore, Rutland North, Rutland South, Southeast Kelowna, Springfield/Spall, University District and Upper Mission. *Portions of fall under the jurisdiction of Regional District of Central Okanagan.

• June 231; 134; 79; 11
• July 140; 74; 58; 6
• August 190; 90; 91; 4

 

District of West Kelowna includes Glenrosa, Lakeview Heights, Shannon Lake, Smith Creek, Westbank Centre, West Kelowna Estates and Westside Rd

• June 76; 47; 13; 2
• July 55; 35; 11; 1
• August 48; 32; 3; 2

 

NOW IS THE TIME!  This week five year mortgage rates were announced as lows as 3.59%.  Record low rates combined with balanced market conditions creates the ideal opportunity to buy a Central Okangan property.  Great selection of homes.  There has never been a better time to make your move.  GET STARTED WITH june@juneconway.com OR 250.317.3136.