Kelowna Real Estate Stats & Trends - Your Market Report With Kelowna Realtor Darcy Nyrose

There's a lot at play, locally and globally, that could have an affect on the local real estate market including potential for rising interest rates, gas prices, real estate policies such as the cooling off period that is coming into affect, immigration post-covid, and the war.

There's been a trend over the past couple of years - low inventory has been driving competition among buyers which in turn, has pushed pricing up. We looked at early-spring inventory numbers over the past 10 years and while we're seeing a rise in inventory over last month and over last year in the single family and townhome category, there is not enough inventory hitting the market to stop the increasing prices. One reason for that is the rise in population in Kelowna. In February, Kelowna was named the fastest growing city in Canada! It's no surprise to us that there has been a 24% population increase since 2011 - people want to live here! Quite simply, the supply cannot keep pace with the demand from our increasing population. That's where new builds can come in to help increase the volume of available homes on the market.

Kelowna Real Estate Market By The Numbers

Kelowna Condo Market Stats

Big inventory jump over last month and last year, but still way down over what we've seen in March over the past 10 years. Sales volume is up over last month, down over last year but still higher than what we would typically see for March seasonally, where average sales numbers ranged from the 50's to mid-100's.

Kelowna Townhome Market Stats

Huge increase in townhome inventory over last month but down over last year. But we're still not seeing the inventory numbers we'd typically expect to see in March, when we look at the past 10 years.  And sales numbers were down over last month and last year, but not out of line from what we'd expect to see in March (or have seen in the past 10 years).

Pricing continues to be pushed up.

Kelowna Single Family Home Market Stats

Single Family home inventory is up vs last month and last year; however, it is still down considerably from what we're used to seeing in March. Generally in March we see sales numbers in the 100's and 200s for sales so over the past 2 years, the lack of inventory isn't slowing down sales numbers for the season. Avg sale price is just slightly down over last month but still a big jump (28%) over last year

If you're looking to buy or sell Kelowna real estate, contact Nyrose & Associates today!