Coffee With Andy: Bean Scene April 25, 2023

Описание: Weekly Kelowna Housing Market Update For The Week Ending April 23 2023

There were 54 residential sales last week bringing the total for the year up to 552 transactions. The average sale price so far this year is $1,115,000.

At this point in the year last year there were 987 sales at an average sale price of $1,277,000. Let that sink in for a second for two. When you read articles about the “new normal” in real estate this is what they’re referring to. I don’t think there’s much need to focus on the $1.1M vs. $1.2M change in pricing because we’ll surpass that number in no time but I’m not sure if we’ll see 300 transactions a month anytime soon.

552 transactions isn’t all that bad though and in many ways it cause for relief. This number means we’ve repaired confidence again to the point where buyers are out there again submitting offers, visiting open houses and booking moving trucks. The 54 transactions last week represents another week of increased sales activity albeit a slight increase. There’s no doubt we’re moving in the right direction.

Condo market is somewhat blah. 346 units sold so far this year compared to 590 y/y. We’re digging out here also and are grateful for the simple fact that this segment of the market is rebounding so fast. The condo market almost appears bulletproof with a never ending demand for well priced product.

Thanks for reading.

Andy and Kierra