Kelowna’s real estate market continues to remain balanced as sales are steady compared to this time last year.
According to statistics released by Krieg Family Real Estate, single family homes are in line with the 10 year average and remain fairly consistent. More than 80% of the homes currently on the market are below $900,000, and those over the $1 million mark are seeing slower than average sales. Of these homes, only 24 of the 450 homes available sold in the last 30 days.
Townhome listings have come down significantly since June 2019, which has made July the best in 12 months. There are currently 385 available properties, just slightly more than this time last year.
The report indicates Apartment and Condo sales are up 30% since June and up 4% compared to this time last year. Although sales are up, they are still 20% under the 10 year average.
Meanwhile, home sales in Metro Vancouver continue to rise as July was the second highest selling month so far this year. The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 2,557 in July, a 23.5 per cent increase over this time last year.
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