Paradise Estates a gated waterfront community in West Kelowna. After touring the property for a buyer I decided to put my drone to use to get the full vantage point of the entire development.
The price reductions are only part of the story, as listings are being relisted at lower prices. Inventory is still below the 5 year average.
This real estate market is a bit hit and miss, some properties are still getting multiple offers, and some are seeing reduction after reduction. This week we are looking at the real estate market area by area to get a sense of what is selling and what is not. Are certain price points more active? Is it the location of the property? Let's take a look.
For the purpose of the research, we are going to focus on single-family homes and look at the number of sales per area, the sale price to list price by area, and the average sale price for 2022 so far.
This information is for 2022 so far and sorted by the areas that have had the most amount of sales. Given the change in the market in the last few months, the price ranges, and the list price ratio, the purpose of these numbers is to get a baseline for how many homes have been sold in the specific neighbourhoods and to serve as a baseline for price in the sub-area. Ahead of another rate increase in 2 weeks there will be more information regarding the percentage of sales dropping. Prices drop change but gives a good sense of the position of each neighbourhood.
Watching the active listings in the right column, it will be interesting to see how each area fairs. The area that had the most amount of sales relatively has the highest number of listings. Also, there have been price reductions every week but that only tells part of the story, as homes are taken off the market and relisted at another price.
What took this email a bit longer to put out is that I had to pull a number of these statistics individually. My plan is the second Wednesday every month to pull out the statistics to see how it is trending but don't worry, it won't be the same topic every week, I will report back with my findings in the new year or when certain trends appear.
Hope you had a great Thanksgiving. Please reach out if you ever have any questions or if there is anything I can do for you.
Mark
Mark Coons
Personal Real Estate Corporation
Coldwell Banker Horizon Realty
2021 Top 3% Internationally Coldwell Banker
Mobile: 250-801-0361
Email: markcoonsrealty@gmail.com