List Price vs Sale Price
Last week we had views from the 18th floor of West Tower of One Water St, this week here is a view from the 19th floor of the Brooklyn Building.
Not a whole lot has changed, still seeing price reductions and big ones
Last year there were a lot of headlines of homes selling for well over ask, but as the market has turned in the last 6 months homes are sitting longer. This week we are looking at the sale price vs what the list price was, keep in mind take this all with a grain of salt as we have been seeing a number of price reductions every week, 132 this week alone and a number of other homes have been taken off and put back on at lower prices as well to spur some more action. It is interesting to see the difference in each of the areas, a lot of the areas going for at or close to list price are also the lower price range neighborhoods. This could be a case of buyers being priced out of the more expensive ones with the rate increases making the less expensive neighborhoods more competitive in terms of buyers buying in them. (Full chart below of the top 30 neighborhoods list to sell ratio)
As we head into next week and the Bank of Canada announcement on a new rate, it is tough to know what will happen exactly as we are in uncharted territory but there is a consensus that the Bank of Canada is not done increasing the interest rates. Take a look here for the current list-to-sale ratios for each neighborhood.
Sub Area Close Price to List Price Ratio
GA - Glenrosa 99.10%
SMCR - Smith Creek 99.10%
NG - North Glenmore 98.80%
MCKY - McKinley Landing 98.80%
SHLK - Shannon Lake 98.80%
RS - Rutland South 98.80%
WKE - West Kelowna Estates 98.70%
GL - Glenmore 98.70%
BL - Black Mountain 98.60%
WLD - Wilden 98.60%
LCNW - Lake Country North West 98.60%
DM - Dilworth Mountain 98.60%
SFS - Springfield/Spall 98.50%
RN - Rutland North 98.50%
UD - University District 98.50%
LCSW - Lake Country South West 98.50%
WEC - Westbank Centre 98.40%
KTVY - Kettle Valley 98.40%
LM - Lower Mission 98.40%
KS - Kelowna South 98.40%
UM - Upper Mission 98.40%
PE - Peachland 98.40%
KN - Kelowna North 98.30%
EL - Ellison 98.30%
CRFD - Crawford Estates 98.10%
LE - Lake Country East / Oyama 98.00%
LH - Lakeview Heights 97.90%
SE - South East Kelowna 97.70%
BW - Big White 97.60%
JR - Joe Rich 96.80%
Have a great week and reach out if there is anything in the world I can do for you.
Mark
Mark Coons
Personal Real Estate Corporation
Coldwell Banker Horizon Realty
2021 Top 3% Internationally Coldwell Banker
Mobile: 250-801-0361
Email: markcoonsrealty@gmail.com
Comments