Housing Update

The average sale price last week was 1,150,000 and the median sale price was $1,026,000. There were 44 residential sales which was identical to the previous week. The spring market was more active last year with the identical week in 2023 saw our market post 65 sales. We have catching up to do.

Of note, Wilden and Glenmore each generated 4 sales pushing up the average numbers.

There were 35 apartment sales last week which is impressive and up from 25 the previous week. There are 750 apartments on the market which translates into a buyers market all day long but it’s encouraging to see increased sales volume.

There are 200 active condo listings downtown largely due to the changes in Airbnb laws. With just 4 sales this past week and 72 year to date there are a lot of vacant units downtown by the waterfront hoping for a timely sale. It will be interesting to see if this crowd of sellers ultimately decide to put long term renters in their units or sell at some sort of discount. Regardless, 4 sales during a busy week isn’t enough and something is going to break sooner or later.

Thanks for reading.

Andrew Smith

250-979-8066 (cell)
1-877-330-5884 (toll free)
www.okanaganbc.com

Royal LePage Kelowna
1-1890 Cooper Rd.
Kelowna BC. V1Y8B7

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