In June, the real estate market in Kelowna demonstrated resilience even after a surprise rate increase earlier in the month aimed at cooling the economy. Despite this development, the market continues to grapple with relatively low inventory levels, while demand remains strong, resulting in a continued seller's market. One significant factor hindering sellers is the lack of available housing options, creating a perpetual cycle. Many potential sellers are hesitant to list their properties due to the absence of suitable alternatives, leading to a limited increase in inventory, but the sellers willing to take the risk can still be protected with putting a subject to finding a home clause into it. Consequently, the cycle persists, with the market experiencing a shortage of available homes. However, sales activity remained strong during June, with a total of 520 transactions. Although the inventory remains below the 10-year average of 2,889 properties, there has been a slight increase, with the current inventory sitting at 2,591 homes. This indicates a positive trend, as more properties become available to potential buyers. Despite the rate increase and the ongoing challenges posed by low inventory, the real estate market in [location] continues to show stability and resilience. Sellers can take advantage of the favorable conditions, with demand still outweighing supply. However, it is crucial for prospective sellers to plan their next move strategically, considering the limited availability of housing options. As the market progresses, it will be interesting to observe how the interplay between inventory levels and buyer demand shapes the real estate landscape. For now, buyers and sellers alike should remain vigilant, staying informed about the evolving market dynamics.
Total Sales Sales 520 New Listings 1209 Current Inventory 2,591 Median Days to Sell 33 Average Days to Sell 48 Months of Inventory 4.98 Median Sale Price $765,000 Average Sale Price $860,552 Total Volume Sold $447,487,254 *Total sales for the market pictured
Single Family Sales 244 New Listings 631 Current Inventory 1,313 Median Days to Sell 30 Average Days to Sell 44 Months of Inventory 5.38 Median Sale Price $971, 250 Average Sale Price $1,173,475 Total Volume Sold $286,327,947 *Active single family homes pictured
Townhome Sales 83 New Listings 150 Current Inventory 298 Median Days to Sell 32 Average Days to Sell 49 Months of Inventory 3.59 Median Sale Price $704,500 Average Sale Price $741,828 Total Volume Sold $61,571,693 *Months of inventory for townhomes pictured
Apartment Sales 142 New Listings 259 Current Inventory 502 Median Days to Sell 32 Average Days to Sell 45 Months of Inventory 3.54 Median Sale Price $463,500 Average Sale Price $492,425 Total Volume Sold $69,924,366 *Apartment Sales Pictured