Kelowna Real Estate Listings | View All
Two months into 2022 and, although February's market activity picked up over January's numbers, we're still seeing a huge lack of inventory (even for this time of year) which means sales are unseasonably low and pricing continues to be pushed.
For the market in general, the median number of days it's taking to sell a home is 18 so far in 2022. It was 22 in 2021 and then over the past 10 years it's generally in the 30's to 70's. Yes, homes are selling quick right now. On a while, the lack of inventory is contributing to record high sales prices - up 130% since 2012 (10 years ago).
That's good news for sellers. Right now really is the 'sweet spot' for selling a home. With the low inventory, the talk of interest rates rising, and motivated buyers, many home sellers are seeing their homes sell for record prices in record time. And, the big winners in today's market are those who list with experience and strategy on their side. There's a lot more that goes into the right accepted offer than just price - so if you're considering making a move, let's chat.
While buyers are finding themselves with less choice and more competition, we are seeing increasing inventory in the condo and single family home markets. Townhome inventory is exceptionally low; however, there are several new townhome communities hitting the market this spring which will provide buyers with a little bit more choice if they have the time to wait for construction.
Kelowna condo inventory has risen 3% over January but is still seasonably low. This lack of inventory combined with buyers trying to get into the market has pushed pricing up 20% over this time last year with the average sale price of a condo in Kelowna at $525,350.
Townhome inventory is exceptionally low right now - 56% fewer active listings than February 2021 and 19% fewer than January 2022. This is a home category that is sought after with today's buyers as the low inventory is still resulting in sales (48% more sales than January 2022). This is resulting in record high townhome pricing with the average price townhome in Kelowna sitting at $767,120.
Can you believe the average price of a single family home in Kelowna is now $1,319,281! We're starting to see a slight pick-up in inventory over January but we're still down 18% over last February. This means there is a lot of competition with buyers, especially at certain price points.
If you're looking to buy or sell Kelowna real estate, contact Nyrose & Associates today!
