HOT, HOT, HOT….The Weather and The Real Estate Market heated up in May 2017
The weather is getting hotter and so is the Kelowna Real Estate Market. The recent market stat update shows not only is the market holding steady…it is still gaining momentum.
The Kelowna real estate market statistics for May 2017 shows an increase in residential house prices along with an outstanding increase in the number of Lot Sales. As reported by the Okanagan Mainline real estate board, median prices for a residential home rose to $650,000, which is an 18% increase over last year, bringing the year to date average to $610,000. This increase in property values is related to the low inventory of homes for sale in the Kelowna real estate market.
Kelowna Real Estate Highlights from May 2017
- Residential Home Median Prices are up by 18%
- Total Properties SOLD in 2017 were 716
- Lot Sales are up 53%
These days all the attention seems to be on the “Sellers” but where there are Sellers, there is a need for “Buyers “. If you want to be at the top of the list to see what homes come available for sale in the Kelowna market …. then Nyrose and Associates can help.
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Have questions about the Buying or Selling Process or Kelowna Real Estate in general? Then contact the Kelowna Real Estate Pros at 250-575-1946 to discuss all things real estate in Kelowna.
* May 2017 Central Okanagan MLS® 2017 Statistics. Data is from the Okanagan Mainline Real Estate Board and is believed to be accurate. Median home prices are rounded to the nearest thousand.