Is the market moderating?
The March Kelowna real estate market stats are interesting as we are seeing a slight change with sales being down over March 2017; however, the number of listings and sales prices are still rising. At this point, there is not enough data or consistency to suggest this is a trend.
Home buyers were less lively in March 2018 than in past years so the questions as to why are…..
- Could the decrease in sales be due outside influences?
- Is it the uncertainty of the proposed speculation tax?
- Could it simply be due to weather with the late Spring we are having?
What we do know is that almost every time there is intervention into a market, the market rebalances itself and typically this takes a few months.
At first glance the Kelowna market update numbers show a big drop from 2017 in sales and the media might highlight this. We like to do look deeper into the market stats and numbers. We will continue to monitor the Kelowna market, sales and stats to determine why this is happening.
For example; 2018 is down only 14% from 2017 so far year to date and only 7% less than 2016.
We are trending towards more of a balanced market as we currently have 4.5 monthly supply of homes (6 months’ supply is considered balanced).
On a positive note, we continue to see the average price of homes rise and we are seeing a developing trend toward purchasing smaller homes such as condos and townhomes. In 2016 condos/townhomes represented 44% of the units sold in the central Okanagan where in 2018 they represent 52%. – DARCY NYROSE, Personal Real Estate Corporation
Now that the snow is gone and Spring seems to be officially here, we can expect to see the traditional rise in homes for sale and buyers out house shopping on the weekends. If you are thinking of selling, then now is a great time to be proactive, get your house cleaned and in tip top shape, and call us to discuss what your home might sell for. If you are thinking of buying, call us to discuss our strategies for buying in this market.
With the current real estate market being well-informed is key as there are differences in the market depending on what type of property it is and where it is located. Continue to stay tuned for market updates. For any questions or information on today’s real estate market in Kelowna, contact the Kelowna Real Estate Pros of Nyrose & Associates today at 250-575-1946 or firstname.lastname@example.org.