Kelowna Real Estate Market Table of Contents
All Residential Numbers April 2023
The Kelowna Real Estate Market Summary Report May 2023
- Kelowna Real Estate Market consolidated its improvement in activity during April 2023.
- Residential Real Estate Sales were broadly in line with March.
- Sales to active listings ratios were also similar, underlining we are in a Balanced / Sellers Market.
- Plenty of anecdotal evidence of pent-up buyer demand, despite the higher interest rates.
- Some properties are taking their time to sell, others are ‘flying off the shelves’ in multiple offers, and over list price.
- Of the 103 properties that sold in the $700,000 to $800,000 price range 20% sold at or above the list price.
- Median Town home prices jumped 7% last month.
- Home and Condo prices dipped modestly.
Kelowna Real Estate All Residential Numbers April 2023
|April 2023||March 2023||%||April 2022||%|
|Total Sales||435||428||↑1.6%||588||↓ 27%|
|Sales – Listing Ratio||19.2%||19.6%||↓2 %||47.7%||↓58.7%|
|Median Sold Price||$732,400||$698,000||↑4.9%||$850,000||↓ 17.6%|
|Median Listing Price||$849,999||$829,000||↑2.5%||$914,900||↓ 9.4%|
|Average Sold Price||$793,645||$816,475||↓2.8%||$938,465||↓ 13.4%|
|Days on Market||36||33||↑ 9.1%||15||↑120%|
- Prices are starting to rise, but are still down from the Peak last spring
- Sales numbers were in line with March’s numbers, which I believe was more to do with a shortage of inventory rather than lack of Buyers.
Kelowna Real Estate Median Prices April 2023
Single Family Homes & Bare Land Strata
The Median Residential Home sale price in our area -:
April 2023 was $942,000,
Mar 2023 $951,000
Apr 2022 $1,100,000
March 2022 (peak) $1,150,500.
The median price was down 1% from Mar 2023 and is down 18.1% since March 2022 peak.
The Median Condo sale price -:
Apr 2023 $448,750,
Mar 2023 $460,000,
Apr 2022 $493,750
March 2022 (Peak) $520,000.
The median price was down 2.4% from Mar 2023 & down 13.7% from the March 2022 peak.
The Median Townhome price -:
April 2023 was $700,000
Mar 2023 $652,500,
Apr 2022 $775,000
Peak was March $786,000.
The median price was up 7.3% last month, & down 10.9% since March 2023 peak.
Interesting Single Family and Condo median prices fell slightly from March, while townhome prices increased.
Real Estate Wants and Needs
Currently Needed 3 Bedroom 2 / 3 Bathroom Condos in Academy Way or in the Quail Ridge area – as there is a real shortage of this type of inventory and there are several buyers looking at the present.
Buyers Needs 3 Bedroom 3 Bathroom Condo in Academy Way Kelowna.
If you know anyone who is looking to buy or sell this profile of property, please put them in touch with me!
Kelowna Real Estate Market – My Thoughts This Month
- Inventory – is rising modestly, but overall listing numbers remain low, so I expect this to continue to cause modest upward price pressure. This is especially true for more affordable housing. (See BC Real Estate Association Q2 Housing Forecast – link below).
- Interest Rates – although it does not necessarily feel like it, inflation is coming down, so there are hopes that it will not be necessary for the Bank of Canada to implement further interest rate increases during the coming months. Some experts are still warning there is pain to come, as a number of fixed-rate mortgages come to the end of their term, and borrowers have to renegotiate at higher rates. ( See Mortgage Forecasts link below).
- Continuing on my watchlist – the recent bank vulnerability & collapses that have happened internationally over recent months could see some banks under pressure to tighten their lending policy.
- Increased Immigration Policy – The Canadian Government is ramping up immigration to ease the skilled worker shortage, this will increase housing demand in BC, including Kelowna.
Latest Links and Information
A look at Mortgage Forecasts from Canadian Mortgage Brokers – What next for Mortgage Interest Rates
BC Real Estate Association 2nd Quarter Housing Forecast 2023 Q2 BCREA Housing Forecast