KELOWNA REAL ESTATE MARKET STATS AUGUST 2018 NYROSE AND ASSOCIATES
The Kelowna Real Estate Market is Cooling
Just like the weather, you could say the housing market has started to cool off in Kelowna and the Okanagan, but for most real estate experts that’s just another way of saying it’s returned to some degree of normalcy.
We are continuing to see a moderation in the Central Okanagan Real Estate market with increased listings and fewer sales. The balanced market we have been speaking of for quite some time is here.
What we are seeing though, despite all of this, is that sale prices have remained very stable across all the segments. In fact, the median price of townhomes increased 15% in August over August 2017 and condos increased 5%, while single family homes remained the same.
HIGHLIGHTS FROM AUGUST 2018:
- Months’ supply on hand = 7.3
- Days to sell = 51 days on the market
- Median Sale Price Single Family Homes = $650,000
What does this mean for the market?
- More selection for buyers
- Listings need to be priced correctly
- Overall, homes can take longer to sell than 2017
Based on these fundamentals, we do expect to see a moderation in Kelowna real estate prices sometime in the future. We are also awaiting the news regarding the speculation tax due sometime this month, so stay tuned.
All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future. Contact your Real Estate Kelowna Pros of Nyrose and Associates at 250-575-1946 or firstname.lastname@example.org
You Can Also Visit Our Kelowna Real Estate Market Stats by Neighbourhood to learn more about market activity in specific areas of Kelowna. View Our Neighbourhoods Here.