Scoop on Kelowna's strata market

Interest to purchase Kelowna strata is a runner up to single family residential!  First six months of this year shows folk's purchase focus has been:

• 37.26% strata (condominiums and townhomes)
• 55.81% single family residential (houses)
• 2.75% manufactured homes and
• 4.17% lots and acreages

Lifestyle changes and affordability contribute to Kelowna's significant strata market prominence not unlike other Canadian communities.  For example,  2011 first six months totals, Kelowna's average and median house sale price is $492,922 and $437,750 respectively where as strata is $302,674 and $290,000.

Both Kelowna's house and strata activity half year sales totals are down from 2010, -14% and  -23.5% but interestingly strata average and median sale price is UP!  Yes up +3.25% and +5.45% respectively in contrast to house sale average and median prices is down -8% and -4.8% respectively.

Another interesting strata market observation is 2011 Jan-Jun sales totals are the second lowest in ten years ~ 2001 was the lowest and 2007 was highest.  2011 half year totals compared to 2007 (the peak) are down -52.8% but  today's half year totals for average and median strata price is up +5.33% and +15.1% respectively to 2007.

Additional strata market tid-bit is over the past ten years, according to the Jan-Jun totals, both house and strata average and median sale prices has increased expodentially the same amount! So if you are delaying ownership because you dream of a house and can't afford it ~ jump in and buy what you can and if that means strata, so be it...just do it!   The numbers show the benefit of buying what you can afford and of course hold onto it till the timing is right market-wise to move-up!

2001 versus 2011 Jan - Jun totals

• Kelowna strata average sale price +149.1%
• Kelowna strata median sale price +153.8%
• Kelowna house average sale price +153.5%
• Kelowna house median sale price +154.5%

Check out the graphs to see strata market trend totals over the past ten years for the first six months of each year:

- accuracy of graphs is not guaranteed -

In addition to equity gain as the graphs show can be accomplished there are many benefits to strata living such as lifestyle, communal living concept and maintenance costs.  Today Okanagan Mainline Real Estate Board shows 1,072 Kelowna strata properties for sale and a good selection in all price ranges. Click here to check out active MLS listings or fire away an email to me and my pleasure to set you up on a personalized strata search of your own.