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The State of June's Market

Week in Review! This was the second week in a row that sales were under the 100 sale mark

This week in lieu of seeing the decrease in sales, we are seeing the weekly trend of sales to slow down based on the activity we have been seeing over the last couple months. In past emails we have also discussed the amount of price decreases, this week we are going to take a pulse at the overall real estate market for June and compare it to years prior. The rates have increased, again in June as the Government tries to curb the inflation as it has been creeping up with April being at 6.8% and the May inflation numbers not provided yet, but that being said we are all feeling the effect of inflation in the grocery stores or when we fill up the car. So far in June there has been 196 sales across the Central Okanagan. There may be more sales one week over another, and a lot of opportunity to close the gap but, comparing that with the five year average of 577 sales the total sales appears that it will be behind. Looking at inventory, the total amount of active listings is increasing. Currently there is 2,036 listings on the market which is up from last month of 1,854. Comparing this with the five year average of 2,645 listings, we are seeing the inventory increase to a more heathy inventory level. It is too early to predict anything, however there are continued signs that the market has peaked at least temporary. Will prices decrease? it is tough to know, some of what we are seeing right now is a bit of lost consumer confidence, but I will say yes in the short term (next 3 months) but will it be temporary? over the longer term the numbers look solid for Kelowna and the Okanagan to have strong price growth as there is a lot of demand for the Okanagan, but the reality of the situation is that we are dependent on the overall Canadian economy. The next 6 months or so it is tough to know as it depends a lot on if there are more rate increases or not. The good news, this market and increased inventory will give people more options if people are looking to make a move and not necessarily be rushed into making a decision with a lot of competition. If you have been sitting out as you didn't want the competition, this might be a good opportunity to start looking again. Especially if you are selling, as buying and selling in the same market typically everything balances out no matter what the market is. Let me know if there is anything I can do for you! Have a great week and feel free to reach out with any questions! -Mark

Mark Coons

Personal Real Estate Corporation

Coldwell Banker Horizon Realty

2021 Top 3% Internationally Coldwell Banker

Mobile: 250-801-0361

14- 1470 Harvey Avenue

Kelowna, BC


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