New statistics released by the Okanagan Mainline Real Estate Board (OMREB) for May shows the Kelowna real estate market is still red hot going into summer.
Sales of single family homes in Kelowna soared with 1132 sales registering in the month of May. This is a 38% increase over April, however a 6% decrease over the same time last year. The decrease is directly related to the lack of homes for sale in Kelowna.
“Our current market conditions are driven by simple, supply and demand. We are going to need more active listings before we see a more balanced Kelowna real estate market, until then, it remains very much a seller’s market.” Vrecko comments
To show the changes from year to year, the data below shows the inventory over the last 3 years for the month of May:
The current Kelowna real estate market conditions is resulting in an increase in average house prices and a decrease in days to sell. The average price for a home in Kelowna has risen to $667,105 and taking only 42 days to sell. This is a 17% increase over the average home prices last year of $563,020.
When will listings increase? In the past years, as we approach the summer months where the grass is green, flowers are in bloom and pools are open, sellers are now ready to list their Kelowna home. An increase in homes for sale in Kelowna will ease the demand and give the buyer’s more selection.
“It’s a great time to be a selling a home in Kelowna. Homes are selling for top dollar in a shorter period of time meaning less hassle for the sellers” – Vrecko
Tracey Vrecko is a licenced real estate agent with Quincy Vrecko and Associates with over 15 years of experience. As a Realtor in Calgary in 2006 she experienced a market very similar to the current Kelowna real estate market with multiple offers and homes selling is hours. It can be very intimidating and mistakes are made if not careful.
Vrecko stresses the importance of using an experienced real estate agent when buying or selling real estate in Kelowna. A real estate transaction is complex and you should have a professional working for you and protecting your largest investment.
If you are looking to sell your Kelowna real estate, contact Tracey Vrecko today 1-778-760-2860!