Kelowna Real Estate Listings | View All
2022 is the year of the Tiger which symbolizes courage. strength and bravery; it's said to be a good year for taking risks, seeking adventure and finding enthusiasm. In the world of Kelowna real estate, 2022 might very well be 'the year of we need more listings'. As we continue to see low inventory, record-high prices, bidding wars and subject-free offers in real estate, we know that an increase in listings will help bring the market back into balance. There's a lot of talk about rising interest rates which will also affect the real estate market. We're seeing buyers eager to purchase, or get a rate hold, now in order to lock in current rates before any increases. Watch as Darcy Nyrose discusses the current market:
Condo inventory on the MLS is up ever so slightly from December but is down almost 50% from this time last year. We're seeing a lot of activity and interest in the condo market, so the low inventory numbers is pushing pricing up with a 42% rise over this time last year. The average sale price of a condo in the Central Okanagan in January 2022 was $532,907.
There was a 15% increase in townhome listings in January vs December but we're still down over 50% from January of 2021. Pricing continues to push upwards with the average sale price of a townhome in the Central Okanagan now at $707,445.
Single family home inventory continues to be low which leaves buyers with few options when they're out searching for a home. Pricing continues to rise with the average price for a single family home in the Central Okanagan now at $1,162,058.
If you're looking to buy or sell Kelowna real estate, contact Nyrose & Associates today!
