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It is safe to say that the market is now in a balanced state. We have seen consistent numbers for the last several months for supply ranging from 6-7 months of inventory of properties on hand in Kelowna and the surrounding areas.
As of now, July had 7.1 months of supply available. An interesting point to note is when we look at the historical numbers of months of supply, we see that this was the norm in both 2014 and 2015 (7.9 and 7.4 months of supply on hand).
It was only in 2016 and 2017 that the number dropped into the 4.5 month range that we really had a sellers’ market and the corresponding increase in prices. Also, something we found interesting was that in 2012 and 2013 the month supply was very high at 14.5 and 11.6 and thus had a very strong buyers’ market at that time.
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Well we are officially in a Balanced Market. Different than a Buyers or Sellers’ Market, a Balanced Market is when there is an equal number of both buyers and sellers looking to get into the real estate market.
What we would expect to see in a balanced market is a moderation of sales and prices as buyers and sellers adjust to the new norm. Only half of this has occurred so far as sales are down approximately 23% from July 2017, yet prices have still increased by 8% over last year.
Balanced market conditions can help with healthy growth in the market and local economy. Prices during these times can go either up or down (generally up) as there is enough supply to meet the demand.
If you’re curious how your property might compare to others in the Kelowna Real Estate Market, feel free to request a personalized home evaluation or contact us at 250-575-1946 or contact@kelownarealestatepros.com.
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.
