IS THE MARKET CHANGING?
Latest numbers show that after 7 months of sales decline vs the same 7 month time period in 2016; October 2017 was the 1st month to match sales from last year. It will be interesting to see if this is simply an anomaly or start of a new trend.
In regards to Single Family Homes, we have 4 months of supply; prices are up 9% and inventory is up 35% over 2016, so hard to determine exactly where the market is headed. At this time we would state that this is still a “balanced market” which is nice to see.
Actual sales for Single Family Home activity was up 14% in October 2017 over September 2017 sales numbers. While this is encouraging, it’s too early to tell if this is the beginning of a longer-term trend that will be here to stay as typically the market slows down in November and December.
Experts are predicting a steady increase in real estate prices over the next three years, but limited inventory will lead to a drop in the number of sales this year and possibly in 2018. Those numbers were included in a new report that suggested the province is seeing stronger home sales this year.
KELOWNA REAL ESTATE MARKET HIGHLIGHTS FROM OCTOBER 2017
- Single Family Home sales up 14% over Sept 2017
- Single Family Home median price is $634000
- Lot sales up 235% over 2016
LOTS ARE ON THE MOVE
We saw huge increases in lot sales in October 2017 although hard to interpret as the average price of these lots were down 20% over the same time frame. This could simply be a large release of more economically priced lots during the month. With 2 months remaining in 2017; lot sales have already eclipsed the total from last year.
All real estate is local, and REALTORS® remain your best source for information about sales and listings on where you live or might like to. Looking for more information about the Kelowna real estate market in specific neighbourhoods in Okanagan? Contact us at Nyrose and Associates 250-575-1946 or email us at [email protected] to be matched with a REALTOR® working in your area.