In the world of real estate, we hear the terms “buyer’s market,” “seller’s market,” or “balanced market” mentioned around dinner tables, water coolers and kids soccer games. For the most part, these terms are easy to understand…: seller’s markets mean it is a good time for sellers to get higher prices for their homes, buyer’s markets allow buyers to purchase at lower prices, and balanced markets are, well, balanced.
The facts show that the Kelowna Real Estate market is in this “balanced market” period. Meaning we have a healthy supply of inventory (5 months of Single Family Homes and 3 months of Condo & Townhomes) and selling prices are strong and maintainable. Those on the hunt for real estate are experiencing balanced conditions, benefiting from a larger supply of listings to choose from.
It is worth noting that while buyer conditions are the calmest they’ve been as of recent, both buyers and sellers must take a realistic approach to offers – desirable homes that are priced right still command multiple offers and require a smart strategy. Industry experts state that a “Balanced Market” is a “Perfect Market” with more balanced market conditions, the pace of year-over-year price growth it typically more moderate in growth and beneficial to both Buyers and Sellers.
KELOWNA REAL ESTATE MARKET HIGHLIGHTS FROM SEPTEMBER 2017
- Total sales -21% over August 2017
- Total Inventory +21% over August 2017
- Single Family Home Median price +9% over September 2016
We understand you know your neighbourhood but why not get a free market consultation to make sure your expectations fit the current market. Many factors come into play when pricing a home, including; supply and demand, future infrastructure or development plans.
Let one of our real estate professionals give you the insight and information to ensure that you are selling or buying at the best market value. Contact us today at 250-575-1946 or email us at [email protected].