|Price Range||# of Homes for Sale|
|$250,000 to $400,000||280|
|$400,000 to $500,000||264|
|$500,000 to $600,000||226|
|$600,000 to $800,000||295|
|$800,000 to $1.2 million||187|
|$1.2 million and up||252|
Forty-six of these homes are in foreclosure, 54 are on leasehold land, 349 have suites and 99 are on lakefront. All in all, a pretty good reasonable number of homes in every price bracket. I think we would all like to see more homes priced under $400,000 for people who are starting out but lifetime low mortgage rates are absorbing some of the sticker shock when people see what a $300,000 home gets you in Kelowna.
To sum up the Kelowna real estate market in a sentence: unit sales up a lot…..prices slightly down. With the first quarter done, there were 560 residential sales over the first three months at an average sale price of $520,000 compared to the first quarter of 2014 when there were 427 homes sold at $544,000. Keep in mind that the early months are generally locals buying from locals so I wouldn’t read too much into either number at this point.
By Andrew Smith – Castanet – March 30, 2015