Has the market stabilized?
As we in Kelowna are enjoying our Summer vacations, it seems that the Kelowna Real Estate market is also on “vacation”. While Single Family House sales are up 15% over last year, and home prices have increased by 12% this year ….there has been no increase in either for the past 2 months.
Could this be the start to a more balanced real estate market?
Industry experts state that a balanced market is a more “healthy” real estate market. To keep it simple….real estate is about supply and demand. If we don’t have enough houses for sale to meet the demand for our buyers, then prices typically rise. Having said that, if we have too many houses for sale, then prices will fall.
If we find ourselves in this “balanced” and “healthy” market, then supply and demand are in balance and prices should stabilize and homes should sell at prices closer to their true values.
Markets can change quickly, but it is not hard to tell when supply and demand are out of balance and it can make it feel difficult for buyer and sellers.
KELOWNA REAL ESTATE HIGHLIGHTS FROM JULY 2017
- Single Family Home Inventory no change from June 2017
- Single Family Home Median Price no change from June 2017
- Single Family Home inventory is up 16% over July 2016
Knowing what your home is worth is a great way to know where you stand in the the market. Contact the Kelowna Real Estate Pros at 250-575-1946, via email at [email protected]lestatepros.com or complete our “Complimentary Home Evaluation” form and we will be happy to let you know the “right price” for your home.