KELOWNA REAL ESTATE MARKET STATS MAY 2018 | NYROSE AND ASSOCIATES
Kelowna Real Estate market shifting to a balanced market?
The sales numbers from May 2018 are in and they clearly point to a balanced market. Sales are down from last year while listings are up. Average sales prices are still higher than last year. The inventory now ranges from 3.4-5.4 months supply. What does all this mean?
Firstly, we need to be careful not to get caught up in any negativity in the media. Generally, they will use the negative headlines to grab your attention. We at Nyrose & Associates take a deeper look at the numbers and the local market in general.
HIGHLIGHTS FROM MAY 2018:
- Single Family Homes Sales down 29% over May 2017
- Single Family Homes Listings up 34% over May 2017
- Single Family Homes Prices are up 5% over May 2017
While it may seem that prospective buyers are hesitating to wade into the Kelowna
housing market and the numbers may be down this year over last year, the promising news is that homes are still selling and the fundamentals in the market are still strong. The numbers show that the market is cooling from last year’s fast pace that saw bidding wars become common and home prices skyrocket. We welcome this moderation in the Central Okanagan.
The largest effects on a housing market are population growth and jobs. We are expecting a population growth of 50,000 people in the next 20 years. This growth along with our bustling technology sector indicate the future health of the market. In fact, Yeti Farm Creative just formed a strategic partnership with Los Angeles and Vancouver based Surprise Bag creating 200 local IT jobs.
Government initiatives such as the mortgage stress test and the speculation tax have also contributed to the market’s slowing trend. We are advising our clients on our opinion that a slowing trend in the market should not be seen as negative and they shouldn’t worry or panic about their real estate investment. Afterall, a balanced market is healthy for all those involved.
Further Reading on Kelowna Real Estate:
If you are thinking of buying, now is a great time as we have the best selection of properties that we have seen in the past 3 years. Sellers should also not be deterred; there is no way to time the market perfectly and although the number of listings has increased the buyers are still here and looking for homes.
For any information on the state of the Kelowna Real Estate Market, contact us at 250-575-1946 or firstname.lastname@example.org.
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.