The summer is in full swing the in the Okanagan and so is Kelowna’s luxury real estate market. We are halfway through 2017. Luxury home sales have seen an increase of 7% with 175 Luxury properties selling in the first 6 months of this year. Luxury homes are classified as either single family home, waterfront home or strata title property over 1 million dollars.
The following comparison shows the changes from last year to this year in Kelowna’s Luxury real estate:
1 million to 2 million range for Luxury Real Estate:
This year, sales of luxury homes from 1-2 million saw an increase over last year with 153 Luxury homes sales register over a last year of 140. The large majority of these homes were new home construction and most were located in the city of Kelowna.
2 million to 3 million range for Luxury Real Estate:
Between 2-3 million, there was a mix of waterfront property, newer Luxury homes and larger estate properties for both 2016 and 2017. There was only a slight increase in the number of luxury homes sold from 2-3 million.
Over 3 million range for Luxury Real Estate:
This price point saw the most significant difference from last year. This year, Luxury homes sales over 3 million has had only 3 sales to register. Last year, there were already 9. Last year, all 9 sales were waterfront homes. Where as this year, only 2 waterfront sales have registered over 3 million.
Sales of Waterfront homes in Kelowna has seen a significant decrease this year over last with only 17 sales to register so far in 2017. While in 2016, the first half registered 37 sales. This has had an impact on the average prices in Kelowna’s Luxury real estate market. This decrease could be largely due to the usual spring weather and the Okanagan floods of 2017. Many of the waterfront homes lost their docks and suffered significant damage to their landscape.
“We will be watching Kelowna’s Luxury real estate market closely for the last half of the year. I have had some of my strongest months in sales of both waterfront property and luxury homes in Kelowna in the last half of the year.” – Quincy Vrecko
Vrecko goes on to comment, that with the unusual spring weather, historic flooding leading right into BC’s wildfires, this year has had a slow start for Luxury home sales over 3 million. Quincy has no doubt that Kelowna’s Luxury real estate market will finish strong for 2017.
Quincy Vrecko is RE/MAX Kelowna’s #1 Luxury real estate agent and is the luxury real estate professional for Quincy Vrecko and Associates. He specializes in waterfront homes and luxury properties in Kelowna and area. He also specializes in family homes, vacation properties, retirement homes and penthouses. His years of experience and proven track record for success has placed him as one of the best real estate agents in Kelowna. If you have questions about the Kelowna luxury real estate market, give Quincy a call 1-250-863-8810!