Real estate takes a breather
Kelowna’s red-hot real estate market stagnated last month. But, not to worry. “Sales activity typically slows over the summer months, with this July no exception,” said Okanagan Mainline Real Estate Board president Tanis Read, a realtor with Coldwell Banker.
“Pricing and days on market continue to show strong demand for available housing supply.”
In July, the average selling price of a single-family home dropped to $692,800 from a record-setting $716,500 in June.
The number of residential properties of all kinds (single-family, townhouse, condominium and building lots) sold in Kelowna in July was 594, just off the 598 sold in June.
Last month, the single-family homes sold spent an average of 41 days on the market, which is considered quick and indicative of a hot, seller’s market.
In June the average days to sell was 43.
The average selling price of a townhouse in Kelowna last month was $464,500, up slightly from $463,100 in June.
In July, condos sold for an average $326,800, up a bit from $320,600 the month before.
“Although these figures offer a general overview of market conditions, averages tell only part of the story and prospective buyers and sellers can benefit from consulting a real estate professional about how current conditions impact the neighbourhood or housing type of interest,” said Read.
“One might be surprised at how sales and pricing within certain communities and-or housing types can run counter to general market conditions.”
Buyers of Okanagan real estate continue to be a healthy mix with 56 per cent locals, 20 per cent first time buyers, 19 per cent from elsewhere in B.C., 10 per cent from Alberta and two per cent from outside of Canada. logoed ReMax balloons are based in North America and can be seen flying at not just festivals, but on any calm day to put the ReMax name in the sky.