Kelowna Real Estate Listings | View All
We've been telling the same story for months. Active listings are low across the board which means less choice and more competition for buyers. September brought the lowest level of inventory we've seen in the Central Okanagan in the past 10 years with 1361 total active listings. But with that, we also see less sales that what we're used to seeing at this time of year and more pressure put on pricing. As long as our inventory numbers continue to decrease, we can continue to expect much of the same. What these numbers don't tell you is the activity in the presales market as a few big condo and townhome projects started presales (and many sold out) this September. Watch the video to learn more about what we're seeing in each product type right now.
Here's your 'by the numbers' quick snapshot of what's happening in the Kelowna real estate market and across the Central Okanagan.
In the condo market inventory is down 62% over last year and is holding pretty steady over last month. We're low on sales as well, but part of that is due to the high level of presales that took place over the past month as well. All of this accounts to a push in pricing with condo pricing up 21% over this time last year.
Townhome inventory is down 56% over last year and numbers are pretty similar to last month. Sales are down 39% over last year and again, we're seeing similar numbers to August. Pricing has risen 20% over last year.
In the single family home category we're down 35% in inventory over last year and are seeing lower numbers than last month, too. We're down 30% in sales as well. Pricing continues to be above the $1-million mark with the new average at $1,079,257 - this is a 19% increase from this time last year.
If you're looking to buy or sell, put the experience of the Nyrose Team behind you - contact us today. We'd love to chat with you and help ensure you are in the prime position to take advantage of the current market.
