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Kelowna May Market Update

June 1, 2019

May Stats

See the homes that have sold in the last 30 days by clicking the links at the bottom of the email.

  • 544 total Residential sales down 3% from 2018 of 558. There were 19% more sales in May 2019 vs April 2019.

  • 1,292 New Listings were taken. There are 3,716 total listings (up 21% from 2018, up 7% from April).

  • Median home sale price $650,000  (down 4.06% from May 2018)

  • Median apartment  condo sale price $324,500 (down 3.13% from May 2018)

  • Median townhouse sale price $461,950 (down 10.47% from May 2018)

  • Median mobile home sale price $169,000 (down 8.65% from May 2018)

April Activity
 

Residential Homes

  • 240 Sales

  • 526 new listings

  • Current inventory at 1,259

  • 56days on the market

Townhome Sales

  • 96 sales

  • 191 new listings

  • Current inventory at 447

  • 61 days on the market




Apartment/Condo

  • 122  sales

  • 269 new listings

  • Current inventory at 674

  • 53 days on the market

Mobile Home

  • 25 sales

  • 51 new listings

  • Current inventory at 125.

  • 76 days on the market

Want to be emailed active listings as they come out? Click here

Is it a buyers or seller's market?

Depending on where you are looking or what type of house you have in today's market you could be categorized as a buyer, seller or even a balanced market.  How we determine the different markets is we look at how much inventory is currently available and divide it by the number of sales in the last 30 days. Months of inventory reflects an estimate of the amount of time it would take to sell all of the current listings in a given area if no new listings became available. See the definitions of each market below.
 

Single Family Homes< $500,000$500K-$700K$700K-$1M$1M-$2M

Peachland to Lake CountrySellers Market-
2.5 Months of InventorySellers Market-
3 Months of InventoryBalanced Market
5.5 Months of InventoryBuyers Market-
20 Months of Inventory

KelownaSellers Market-
2 Months of InventorySellers Market-
3 Months of InventoryBalanced Market
5 Months of InventoryBuyers Market-
13 Months of Inventory

West KelownaSellers Market-
3 Months of InventorySellers Market-
2.5 Months of InventoryBalanced Market
6.5 Months of InventoryBuyers Market-
80 Months of Inventory


This was done for single family homes in each region. Let me know if you would like to get a customized analysis for your specific area and type of house or condo you live in.

Sellers Market-If there are 0-4 months of inventory, meaning that all current listings can expect to be sold within 4 months, it is considered a seller’s market because houses are selling very quickly. In a seller’s market, sellers have the advantage because the demand for property exceeds supply.

Buyers Market -If there are 9 or more months of inventory, it is considered a buyer’s market because houses are selling slowly. In a buyer’s market, buyers have more negotiating power than sellers do because the supply of listings exceeds the current demand for housing.

Balanced Market- If there are 5-8 months of inventory, it is considered a balanced market. Current listings aren’t selling like hotcakes, but they’re not staying on the market too long either.
 

Should You Renovate Your House Before Selling?


New. Just replaced. Upgraded.
Such sweet music to any buyers ears. Before your REALTOR® puts the “For Sale” on your lawn, it is likely that you will need to make some repairs and improvements. But what kinds of repairs should you make? Do you repair larger items? Do you totally upgrade the basement? Do you hope nobody will notice?
When considering repairs on your home, consider the market and your neighbourhood. In a hot market, perhaps you will not need to do anything. Perhaps, in a buyer’s market your repairs and upgrades should be completed in order to achieve the best possible price.
Home inspections are popular
Many buyers will request a home inspection. This could work for or against a seller. Depending upon how it is written into the contract, a buyer could terminate the contract upon unsatisfactory findings or if specified repairs are not completed. He or she could also re-open negotiations. An unhappy buyer could also request a substantial discount for the cost of the repairs. The seller pays for it now or later.
Do not get carried away
Dollar-for-dollar, not all home improvements raise the value of your home. It depends on the cost and type of improvement. You could spend $30,000 on a backyard paradise, complete with mature trees, waterfalls, rock gardens and sprinkler system. Will this mean your property is instantly worth an additional $30,000? Unlikely.
Select renovations that will not stretch your budget. Be mindful not to over improve your home in regard to the neighbourhood. When it comes to buying a home, buyers seek the least expensive home in the most expensive neighbourhood they can afford. If your home has too many improvements, it may be priced at the high end of the local market. From a selling position, you may not get the best price. It may also take longer to sell your home. And, the longer your home stays on the market; you are more inclined to reduce the price to ensure a sale.
Perhaps you are planning to move in a few years and hoping to recover the costs. Canada Mortgage and Housing Corporation suggests the following as a payback range of typical renovations:
 

Kitchen68-74%Upgraded heating system48-50%

Bathroom64-71%Landscaping45-49%

Interior painting62-66%In-law or rental suite40-42%

Exterior painting62%Central air-conditioning38-43%

Main floor family room49-56%Energy-efficient upgrades33-39%

Finished basement50-52%  

 

 

What in the world I can do for you?
Let me know!

(250) 801-0361

Kelowna Home Sales

  • Black Mountain

  • Crawford Estates

  • Dilworth Mountain

  • Ellison

  • Glenmore

  • North Glenmore

  • Joe Rich

  • Kelowna North

  • Kelowna South

  • Kettle Valley

  • Lower Mission

  • Upper Mission

  • McKinley Landing

  • Rutland North

  • Rutland South

  • South East Kelowna

  • Springfield/Spall

  • University District

West Kelowna Home Sales

  • Glenrosa

  • Lakeview Heights

  • Shannon Lake

  • Smith Creek

  • Westbank Centre

  • West Kelowna Estates

  • Westside Road

Peachland Home Sales

  • Peachland

Lake Country Home Sales

  • Lake Country


Manufactured Home Sales

Townhome Sales

Apartment Sales

Let me know if there is anything in the world I can do for you this month.

Have a great month and we will chat soon.

Mark Coons
REALTOR®, BBA, CE
250-801-0361
markcoons@coldwellbanker.ca
markcoonsrealty.com
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