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Average SOLD Prices for Kelowna Homes in October 2016

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Blog by Marika Wolf | November 10th, 2016

For many Buyers out there finding the right Kelowna neighbourhood to live in is key. There are many factors that will sway your decision to live in the area you choose including proximity to work and school for your children, affordability, types of homes etc.  Another major factor in your decision is which Kelowna neighbourhoods show the most growth and increase in average sales, in other words, how much return will you get on your real estate investment when you buy in a certain neighbourhood. 
increasing home prices.jpg
I have been thinking a lot about home values and how much the Kelowna market has increased this past year so I decided to do some statistical analysis for you! I broke it down by neighbourhood comparing October 2015 to October 2016 average sold prices.

Here is what I found:

2016 2015    
Neighborhood Average SOLD Price Neighborhood Average SOLD Price   Difference
Kettle Valley $1,218,017 Kettle Valley $726,000   $492,017
Kelowna North $908,250 Kelowna North $605,714   $302,536
Kelowna South $897,833 Kelowna South $446,800   $451,033
Wilden $872,186 Wilden $652,300   $219,886
Lake Country NW $807,471 Lake Country NW $641,833   $165,638
Lake Country SW $571,750 Lake Country SW $618,250   ($46,500)
Glenmore $670,111 Glenmore $516,639   $153,472
West Kelowna Estates $662,309 West Kelowna Estates $484,042   $178,267
Black Mountain $628,450 Black Mountain $512,056   $116,394
Shannon Lake $616,867 Shannon Lake $546,381   $70,486
Peachland $616,538 Peachland $443,500   $173,038
Rutland North $444,427 Rutland North $436,112   $8,315
Rutland South $409,500 Rutland South $390,364   $19,136
Springfield/Spall $341,180 Springfield/Spall $361,500   ($20,320)

There is a huge increase in price from October 2015 - October 2016 in and around Kelowna’s downtown neighbourhoods, Wilden, Kettle Valley, West Kelowna Estates and Peachland.  These are areas I would say are great investment buys.  The other neighnorhoods have not done too shabby either!

Long story short, most areas in Kelowna experienced a significant increase in Average sale price except for Lake Country SW and Springfield/Spall areas.  Do you live in one of the areas that showed a decline? Maybe your area is not listed in my analysis and you’d like to know more about how the market is performing where you live? Well, I am happy to do some more analysis for you.  Just ask for it and you shall receive!

Happy Buying and Selling! 

Marika Wolf
C:       778-214-1773
E:       marika@marikawolf.com
W:      www.marikawolf.com