ARE WE GOING TO SEE A STRONG FINISH FOR 2017?
Over all another great month to almost end off a fantastic year for the Kelowna Real Estate market. The statistics from the Okanagan Mainline Real Estate Board show we saw a very busy November for real estate sales in 2017 and sales for the year have continued to surpass 2016 sales activity in November.
A few highlights for November 2017 include strong increases in sales for Single Family Homes, Apartments and Townhomes. It was also promising to see that prices were up as high as 18% for townhomes and 21% for apartments over this time last year.
Another interesting factor for the November stats was overall inventory levels. Inventory was down 17% over last year for Townhomes but increased in all other sectors; specific increases were shown in Single Family homes with inventory increasing by 29% over 2016.
FORECAST FOR 2018?
After coming off of a strong 2017, will this trend continue? What do experts forecast for 2018?
If inventory continues to rise for Single Family homes the demand should ease up and allow buyers more time to do their due diligence when looking to buy a home. While Townhomes should see the demand strengthen as inventory has dropped by 17% over 2016 in that sector.
And if that is the case with Townhomes….then we have even better news for you! Nyrose and Associates have several new development communities planned on the 2018 horizon some of which include:
- Townhomes in Black Mountain
- Townhomes in Kettle Valley
- Patio homes in Rutland
- Upcoming Condos in Glenmore
- Townhomes in Glenmore
It is always best to talk to your Realtor® about the trends in real estate and how you can best utilize real estate statistics and data when buying or selling your property. Call us for more information on the upcoming 2018 Real Estate Market today at 250-575-1946 or via email at firstname.lastname@example.org