Spring in the air and it is also in the Kelowna Real Estate Market.
May is promising to show us some sunny Kelowna days and hopefully, everyone will start their Spring Cleaning…and getting their homes “SHOWHOME’ ready for selling!!
April 2017 showed the market is still doing well with Residential Home Median Prices up 18%, Condo sales up an outstanding 38% and Lot Sales up 20% over April 2016. With these significant increases, the time to sell has never been so attractive.
The Median Price for Residential Homes is $624,00, which is an increase of $96,000 over last year in April of 2016. Traditionally Spring is a busy time in Real Estate but with the lack of inventory, we may see a slower Spring leading to bidding wars and record fast closings on what properties are available on the market…that is until more sellers place their homes for sale.
Highlights from April 2017
- Residential Home Median Prices are up by 18%
- Total Properties SOLD were 525
- Condo Sales are up 38% over this April 2016
- Inventory levels are down -18%
* April 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.