The Kelowna real estate market continues to remain strong going into the second quarter of the year. As weather is heating up, it is anticipated that real estate sales will continue to follow suit.
Interesting statistics for the month of April, sales of single family residential has decreased 23% from this time last year. This is directly related to the shortage of new listings hitting the market keeping our inventory of homes for sale in Kelowna much lower than average. New listings to hit the Kelowna real estate market for the month of April is down 5% over this time last year, this means we are continuing to see a sellers market.
While sales have decreased, the average price has increased due to the high demand for property in Kelowna. The average sale price of homes for sale in Kelowna is now $667 105 which is a 18% increase over this time last year. Sellers are seeing their home sell in days and in some cases, only hours. The average days on market is down to only 47 days making Kelowna one of the fastest growing real estate markets in BC.
Tracey Vrecko with Quincy Vrecko and Associates has been selling real estate for 15 years and has seen aggressive markets like this one before and urges buyers and sellers to ensure they are properly represented when both buying and selling real estate.
“Listings are at an all time low. This makes for a very competitive market so it’s important to have a real estate agent experienced with a seller’s market”. Tracey Vrecko
Kelowna real estate sales numbers for the month of April :
- Units Sold – 255
- New Listings – 420
- Current Inventory – 719
- Average Price is $677,105
- Units Sold – 162
- New Listings – 199
- Current Inventory – 347
- Average Price – $336,139
- Units Sold – 82
- New Listings – 127
- Current Inventory – 223
- Average Price – $453,658
- Units Sold – 44
- New Listings – 83
- Current Inventory – 380
- Average Price – $345,177
Single family detached homes remain to be the most sought after properties in the Kelowna, follow by condominium and townhouses. Lot sales are brisk as new home construction continues to rise, however, land is becoming more difficult to find.
With the strong start to the second quarter of the year, there is no sign of the Kelowna real estate market slowing down. The team at Quincy Vrecko and Associates have a diverse team of real estate agents with experience in working in a sellers market. Our team of real estate professionals can guide you through this complicated market. Call one of our knowledgeable real estate agents today 1-778-760-2860!