The temperatures in Okanagan are heating up! Yet, the Kelowna real estate market showed a slight cool off for the month of July. This raising questions from buyers and sellers; “is the market starting to show a shift away from the strong sellers market?”
The Kelowna real estate market has been a seller’s’ market for over a year. This is due to a lower number listings and a strong demand by buyers. Which forces large increases in the average sale price for a single family home Kelowna. While listing inventory remains low, for the first time in a long time, the housing market is starting to see price reductions from the original listing price.
July posted a small 6% decrease in sales from June numbers. 961 sales registered as reported by the Okanagan Mainline Real Estate Board (OMREB). The average sale price for a single family home in Kelowna now sits at $692,838, only a slight decrease from June values.
Tracey Vrecko, a top Kelowna Realtor with RE/MAX Kelowna, says these statistics are typical for this time of year, and comments,
“while the summer is a busy time for tourism in Okanagan, homes sales are usually a little quieter than the spring.”
Year to date, the Kelowna Real estate market has seen an increase of 11% in home values over this time last year.
While signs still point to a seller’s market, is is possible the fall could show a shift to a more balanced market, which would be welcome change for buyers looking at buying a home in Kelowna. There has been an increase in price reductions over the last 30 days. This shows that those strong increases over the past few months could be coming to an end.
Looking ahead to the fall, there are some factors that have, and could continue to affect the Kelowna real estate market. The recent hike in interest rates, change in government and recent environmental threats such as fires and floods.
Watching any changes to the real estate trends is important when marketing a home for sale. The team at Quincy Vrecko and Associates provide an advanced web marketing platform to all of their listings in Kelowna. This includes detailed analytics. The advantage of the of these analytics are to track where the buyers are coming from on each listing. That way an effective target marketing strategy can put in place.
With the strong increases in property values in Kelowna, it is still a great time to sell you home. Values remain strong. A more balanced Kelowna real estate market could mean there will be more to choose from. Then you won’t feel the pressure when selecting a home.