June was another busy month for the Kelowna real estate market. Posting a 8% increase in Kelowna property values over last month. Sales volume is down 24% from this time last year due to low inventory levels. The average price for a single family home in Kelowna has reached a record high of $716,474.00.
Historically, the Kelowna real estate market is the most active in the summer months. With lower inventory levels and the high demand for real estate in the Okanagan, this is driving values up in our area. Buyers are having to pay more for a home in Kelowna than ever before.
Last year in the month of June, the average price for a single family home in Kelowna was only $582,420. This year the Kelowna real estate market has a seen a 23% increase since this time last year making buying an affordable home a thing of the past.
“This increase in values is making it difficult for first time home buyers to enter the market. The good news is that interest rates are still low. Yet finding an affordable single family home is becoming very difficult” – Tracey Vrecko
Vrecko explains that there are alternative options for first time home buyers looking to get into the real estate market if they can’t afford a single family home. The listing inventory of condominiums and townhouses in Kelowna is up from this time last year. This is a great way for a first time home buyers to get into the hot Kelowna real estate market.
According to the Okanagan Mainline Real Estate Board (OMREB), listings of condominiums and townhouses has increased 8% from this time last year. While single family homes has seen a 7% decrease in active listings.
Whether you are a first time homebuyer or you’ve been through the home buying process before, Vrecko encourages you hire a real estate agent. A professional real estate agent can help you navigate through this hot Kelowna real estate market. “For most homeowners, this is the their biggest investment” says Vrecko, “and you should choose a professional real estate agent you can trust, who has experience in buying and selling in your market.”
Tracey Vrecko is a part of the team at Quincy Vrecko and Associates. She has over 15 years experience successfully helping buyers and sellers with their real estate transactions. Tracey specializes in first time home buyers, single family homes from 500-1000, townhouses and condominiums in Kelowna and surrounding area. Call Tracey Vrecko today 1-778-750-2860!