August 30, 2021

Kelowna Real Estate Market Stays Strong in July

CATEGORIES: Project Updates
A person with a poster is standing near the houses. Mortgage to purchase affordable comfortable housing. Concessional lending programs for young families. Low rates attractive real estate propositions

The summer market in Kelowna continued to sizzle in Kelowna this July, with average housing prices continuing to show double digit increases over July 2020. While we did see a decrease in total sales from last summer, that number is more reflective of the lack of available inventory rather than lack of buyer interest, which is highlighted by how quickly homes are selling.

Here is a quick breakdown of the numbers for real estate sales in July 2021 in Kelowna, British Columbia.

Single-family Homes

  • Sales: 236 ( -28.9%)
  • Average Price: $933,600 (+31.5%)
  • Days on Market: 30 (-53.3%)
  • Inventory: 485 ( -54.0%)

Townhomes

  • Sales: 100 ( -18.75)
  • Average Price: $642,600 (+27.6)
  • Days on Market: 41 ( -69.5%)
  • Inventory: 137 ( -64.2%)

Condos

  • Sales: 177 (+18.0%)
  • Average Price: $552,900 (+21.2%)
  • Days on Market: 36 ( -56.1%)
  • Inventory: 274 ( -61.2%)

As seen, the condo and townhome categories are currently underserved in on the Kelowna real estate market, showing the largest percentage decreases in selling time and in inventory levels when comparing July 2021 to July 2021. Millennial Developments is working to bring more of these two types of highly desirable and more affordable homes to the local market with The Nest at Findlay, a collection of 28 townhomes, and Five Crossings, 206 space-efficient smart suites and condos.

Click here to learn more about up these two exiting projects coming soon to Kelowna from Millennial Developments.

Source: Association of Interior Realtors, www.interiorrealtors.ca.

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