Kelowna Housing Market Off to a Strong Start in 2020 with Andrew Smith

Andrew Smith a Kelowna real estate agent reports that in BC a total of 4,426 residential unit sales were recorded by in January 2020 be the Multiple Listing Service® (MLS®), an increase of over 23 percent from the January 2019 3,579 units sold.

Kelowna real estate agent Andrew Smith reports that a total of 4,426 residential unit sales province wide were recorded by the Multiple Listing Service® (MLS®) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLS® residential price in BC was $725,370, a 9.1 per cent increase from $664,633 recorded the previous year. Total sales dollar volume in January was $3.2 billion, a 35 per cent increase over 2019.

“Housing markets in BC are off to a strong start in 2020,” said Royal LePage Kelowna’s Smith “We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced slowdown of the past two years.”

In Kelowna the year started off better than most expected with 135 residential sales at an average sale price of $728,000. This is up considerably from January 2019 when we limped along at 88 sales at $690,000. Condominium apartment sale were also up with 64 sales at an average price of $382,000 compared to 60 sales at $336,000 the previous January.

Downtown was the most active area for condo sales with 13 apartments selling in January while Lakeview Heights in West Kelowna was the busiest neighbourhood with 13 sales while Rutland North close behind with 12 sales.

There are 107 residential homes for sale now priced in the popular $400,000 to $600,000 range and 437 homes priced over $800,000. This Four to one ratio is normal for Kelowna as owners of high end homes have a more difficult time selling because of increased competition and a limited number of buyers while well priced homes priced under $600,000 sell quicker and generate more showings

Needless to say, with statistics showing a continuous increase in Kelowna house prices now is also an opportune time for those contemplating a house purchase in Kelowna.

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