Residential home sales improve while the weather remains the same.
According to the Okanagan Mainline Real estate board, real estate home sales in February showed a significant increase over January sales. With 292 transactions registering for the month of February and only 216 for January. While overall real estate home sales are down from this time last year, the unusually colder weather and endless snow could be to blame.
Year to date, the number of residential home sales currently sit at 508 on a last year of 730. This is a decrease of 31% from the previous year. However, economists remain optimistic despite challenges with new taxes and the mortgage stress test.
Unlike the weather in the Okanagan, the real estate market in Kelowna and surrounding areas has remained relatively consistent for this time of the year. The average selling price for a single-family residential home dropped slightly to $669 073 on a last year of $678 156. Furthermore, the inventory of homes for sale in Kelowna and surrounding areas are up slightly from 742 to 776 units.
Current Home sales changing Seller’s market to a Buyer’s market
There are now lower home sales volume and an increase in inventory. This has contributed to the shift from a seller’s market to a more balanced real estate market. If the trend continues Additionally, the average number of days to sell a home in Kelowna has gone up to 72 days.
Spring is around the corner! This means warmer weather and the start of the busy spring selling season. The chief economist of the BC Real Estate Association (BCREA) is optimistic and predicts a 2% increase in home sales this year.
The team at Quincy Vrecko and Associates keep abreast of changes happening to the Kelowna Real estate market. They understand the impact those changes have on the home sales, and adjust marketing plans to stay competitive. It is critical to hire a real estate agent that can adapt to these changes. The team at QVA creates a tailored marketing plan to ensure your home sells.
Call the team to discuss a tailored marketing plan for your home.