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KELOWNA CONDOS
The average days on market for the Kelowna apartments in 2019 was 66 days. This is 23 days higher than the average for Mission Meadows. We can see that homes sold a bit faster in the summer months, this is a fairly consistent trend in Kelowna. I have included a graph that shows this trend here. The median number of days on market for Kelowna in 2019 is a little bit less than the average, 51 compared to 66. The median number of days on market for Mission Meadows was only 35 days, so still quite a bit faster than the other apartments in Kelowna.
With relatively low inventory in 2019, the ratio of the final sale price to the list price remained very high across the board. In most cases an apartment buyer could expect to pay 97.2% of the asking price, as this was the average for the year. Buyers in Mission Meadows payed an average of 97.7% of the asking price in 2019. Just half a percent represents thousands of dollars with current prices.
Kelowna remained in a balanced market for most of 2019, hovering right in the 4-6 months of inventory range. Only in January and September did we see the advantage tip slightly in favour of the buyer. At no point did we see a sellers market in overall condo category. Mission Meadows sellers enjoyed 8 months of very low inventory, mostly under 2 months. This may have contributed to the higher list to sale ratio and lower days on market.
Overall, the average list price for Kelowna Condos in 2019 was $417,546, about $17,000 higher than the Mission Meadows average. The median list price for 2019 is $369,900, just under $50,000 below the average list price. For a brief explanation of the difference between median and average, click here.
The average sale price for Kelowna apartments in 2019 is $369,968, about $25,000 less than the average sale price for Mission Meadows Apartments, despite Mission Meadows having a lower average list price. While the median sale price is still lower than the average sale price, they are closer than the average and median list prices. The median sale price for 2019 is about $30,000 less than the average sale price at $338,450. This is $60,000 less than the median sale price for Mission Meadows in 2019.
This chart shows the number of new listings and sales each month in 2019. It follows the typical market cycle, with more sales in the summer months, relatively low activity leading up to Christmas, and listings picking up after Christmas, peaking in the spring. As a seller it is tempting to list in the spring to take advantage of the summer rush, but that also means competing with everyone else. In the winter months your listing can stand out more and there are less "looky loos" who just want to look at places, but aren't very serious about buying. When to list depends on your personal circumstances and the pros and cons should be discussed with your real estate agent.
Overall, the average list price for Kelowna Condos in 2019 was $417,546, about $17,000 higher than the Mission Meadows average. The median list price for 2019 is $369,900, just under $50,000 below the average list price. For a brief explanation of the difference between median and average, click here.
The average sale price for Kelowna apartments in 2019 is $369,968, about $25,000 less than the average sale price for Mission Meadows Apartments, despite Mission Meadows having a lower average list price. While the median sale price is still lower than the average sale price, they are closer than the average and median list prices. The median sale price for 2019 is about $30,000 less than the average sale price at $338,450. This is $60,000 less than the median sale price for Mission Meadows in 2019.
The average days on market for the Kelowna apartments in 2019 was 66 days. This is 23 days higher than the average for Mission Meadows. We can see that homes sold a bit faster in the summer months, this is a fairly consistent trend in Kelowna. I have included a graph that shows this trend here. The median number of days on market for Kelowna in 2019 is a little bit less than the average, 51 compared to 66. The median number of days on market for Mission Meadows was only 35 days, so still quite a bit faster than the other apartments in Kelowna.
Kelowna remained in a balanced market for most of 2019, hovering right in the 4-6 months of inventory range. Only in January and September did we see the advantage tip slightly in favour of the buyer. At no point did we see a sellers market in overall condo category. Mission Meadows sellers enjoyed 8 months of very low inventory, mostly under 2 months. This may have contributed to the higher list to sale ratio and lower days on market.
With relatively low inventory in 2019, the ratio of the final sale price to the list price remained very high across the board. In most cases an apartment buyer could expect to pay 97.2% of the asking price, as this was the average for the year. Buyers in Mission Meadows payed an average of 97.7% of the asking price in 2019. Just half a percent represents thousands of dollars with current prices.
This chart shows the number of new listings and sales each month in 2019. It follows the typical market cycle, with more sales in the summer months, relatively low activity leading up to Christmas, and listings picking up after Christmas, peaking in the spring. As a seller it is tempting to list in the spring to take advantage of the summer rush, but that also means competing with everyone else. In the winter months your listing can stand out more and there are less "looky loos" who just want to look at places, but aren't very serious about buying. When to list depends on your personal circumstances and the pros and cons should be discussed with your real estate agent.