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April 15th Kelowna and West Kelowna Real Estate Market Update

We continue to see less activity in the market. During a normal spring rush, we typically see between 250-300 new listings come on the market. Currently, we are seeing one-third of that at 103 new listings this past week. Currently, we are at 2652 listings on the market, which is lower than where we ended in March at 2676 In April so far we have seen 114 posted sales which is about half the sales we saw halfway through March. For prices to decrease typically we will need to see supply to outweigh demand. In the past 2 weeks, we are starting to see some changes in demand, however, supply has also been trending lower. Some buyers are out there waiting for the right property, we had listed a home 2 weeks ago and had an accepted offer after the first day on market. There is an opportunity, to set your home apart from the other competition in this market, there is less competition there are health risks of doing so however with the added precautions and utilizing the technology we can leverage and catch the eyes of people could be looking for a home with the characteristics of your home.. Stay Healthy everyone! -Mark

 

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