The Kelowna real estate market shows no sign of a slow down as we approach the end of 2017.
For the month of November, the Okanagan Mainline Real Estate Board (OMREB) posted a 12.8% increase in sales over the same month last year. The average price for a single family residential home continues to rise with a 10.4% over this time last year and a strong 14% year to date.
What are the factors affecting our Kelowna Real Estate market?
Inventory vs. Demand
Inventory of homes for sale in Kelowna remains low, and there is still demand from buyers looking to buy a home in the Okanagan. There may be a light at then end of the tunnel for those buyers as we saw a much needed 20% increase in new listings in November. This is a welcoming change for the tight Kelowna real estate market.
For those still looking to sell their home, we are still very much in a sellers’ market and with only 3.5 months of inventory to sell, it is forcaseted this trend will continue into 2018. In order to make the shift to more balanced market, we would need to a significant increase in new listings to raise the inventory to 5-8 months of sell through.
Average Sale Prices
The overall average sale prices in the Central Okanagan has increased over last year.
Year to date, the Kelowna luxury home market has seen an increase of 20% in sales of luxury homes over 1 million dollars, which has made a significant impact on the average home sale price. The average price breakdown are as follows:
Single family residential $674 598
- Townhouse $469 053
- Condos $334 106
- Building lots $285 126
This increase in sales in a typically slower time of the year could be due to the pending new mortgage rules to be implemented January 1st. Home buyers are scrambling to have a purchase contract in place to qualify for their mortgage before their buying power is decreased in the new year. For more details on the new mortgage rules, read our most recent blog with our thoughts.
Whether you are buying or selling Kelowna real estate, it is important to use a professional real estate agent that knows the current market conditions and can look after you best interest. Whether you are buying and selling a condo or townhouse, or looking to build, Tracey and her team can guide you through the process. For expert advice in waterfront properties and luxury homes in Kelowna, Quincy is your best choice. He is the a leading waterfront and luxury specialist dealing exclusively in properties over 1 million dollars. The team at Quincy Vrecko and Associates has professional real estate agents that cover every part of the market. Call 1-778-760-2860 today!