Happening price ranges

Wow, how times flies ~ it seems only yesterday we were anticipating how Kelowna's 2011 real estate market would unfold. Today we have nine months of sales history to see which price points have been busy with buyers:

KELOWNA

• 53.8%.....$300,000-$499,999 range for single family residential (26.6%.....$300,000's and 27.23%.....$400,000's)
• $442,172 median single family residential (SFR) sale price 2011 Jan -Sept (ytd)
• 4.2% SFR sales ytd sold $1mil+ price tag
• 58.9%.....less than $299,999 for strata sales ytd (26%....less than $199,999 and 32%.....$200,000's)
• $275,000 median strata sale price ytd
• $68,000 median manufactured home sale price ytd
• $235,000 median lot & acreage sale price ytd

WEST KELOWNA

• 66.8%......$300,000-$499,999 range for SFR (35.9%.....$300,000's and 30.9%.....$400,000's)
• $420,500 median SFR sale price ytd
• 4.73% SFR sales ytd sold $1mil+ price tag
• 51.1%.....$200,000's range for strata sales ytd
• $272,700 median strata sale price ytd
• $85,000 median manufactured home sale price ytd
• $179,000 median lot & acreage sale price ytd

KELOWNA SFR ytd

WEST KELOWNA SFR ytd

KELOWNA STRATA YTD

WEST KELOWNA STRATA ytd

Source of Graphs: Okanagan Mainline Real Estate Board

Ytd data from Okanagan Mainline Real Estate Board shows Kelowna and West Kelowna's popular buying price range for houses is $300,000 up to $500,000 and for strata (townhomes and apartments) under $300,000 in spite of trending decline in sales from 2010.

Interestingly, according to a recent Central 1 Credit Union September 2011 "Economic Analysis of British Columbia' report, the markets of "Thompson-Okanagan, Kootenays, and Vancouver Island/Coast regions will undergo strong gains in 2012 and 2013, as external buyers creep back into these markets, but absolute sales will remain well shy of pre-recession levels.  Recreational demand is not expected to fully recover until 2014 at the earliest."