Local Community Advertising
The Kelowna housing market is taking wins where it can.
Sales of homes of all kinds -- single-family, townhouse and condominium -- perked up a bit in March as part of a spring awakening.
However, sales still trail the 10-year average, prices are generally down and fence-sitting, uncertainty, hestiancy and battered consumer confidence continue to be the name of the game.
"In this environment, strategic pricing is essential to capture buyer attention and maximize results," said Kadin Rainville, president of the 2,600-member Association of Interior Realtors.
Kadin Rainville is the president of the 2,600-member Association of Interior Realtors.
What that means is potential sellers have to price their home with today's reality in mind, not the pipe dream of 2022's record-high boomtime prices.
Gone are the days of potential buyers fighting over homes and paying over the asking price.
As Rainville said, price it strategically, generally 10% less than the peak, and expect it to take longer to sell because the market is sluggish.
Photo credits: Realtor.ca
This four-bedroom, three-bathroom, 2,016-square-foot house on Ironridge Road in West Kelowna is listed for sale for $1,038,800, which is a little below the $1,047,900 benchmark selling price of a typical single-family home in the Central Okanagan in March.
"Economic uncertainty (we've all heard of the near recession and stagnant incomes) continues to temper some consumer confidence," said Rainville.
"Although sales are still trailing the 10-year average, recent sales activity is a positive sign as we head into the typically busy spring market. We're seeing improvement for earlier in the year, even as inventory (the number of homes for sale at any given time) edges down slightly compared to the same time last year."
Association statistics show that 160 single-family homes sold in the Central Okanagan, up from 115 in February and 91 in January.
So, there's that spring boost in sales.
However, the benchmark selling price of a typical single-family home is edging down to $1,047,900 in March from $1,056,600 in February and $1,060, 300 in January.
Over a million is still considered unaffordable by many.
But, it is a slip, especially when compared to the record-high of $1,113,000 in the post-COVID boom of April 2022.
The dip in price is good news for those looking to buy a house, but a bummer for potential sellers who feel they missed the boom boat.
A three-bedroom, three-bathroom, 1,548-square-foot townhouse in North Glenmore's Parklane is listed for sale for $725,900, just a little less than the $725,000 benchmark selling price of a typical townhouse in Kelowna in March.
For townhouses, March sales totalled 62, up from 45 in February and 36 in January.
In an anomoly, the benchmark selling price of a typical townhouse last month shot up to $725,500 from $671,300 in February and $675,700 in January.
The one-month blip could be attributed to a higher percentage of higher-end townhouses selling in March.
Townhouse peak was $829,000 in May 2022.
A two-bedroom, two-bathroom, 883-square-foot condominium on the third floor of this Glenmore Central complex is listed for sale for $469,900, a little less than the $471,800 benchmark selling price of a typical condo in the city in March.
Last month, 104 condos changed hands in the Central Okanagan, up from 74 in February and 48 in January.
The benchmark selling price of a typical condo in March was $471,800, off slightly from February's $472,000.
Condo record-high was April 2022 at $557,700.
Thumbnail photos from Realtor.ca
Local Community Advertising