KELOWNA REAL ESTATE MARKET STATS SEPTEMBER 2018 NYROSE AND ASSOCIATES
Kelowna Real Estate Market remains remarkably resilient
The Central Okanagan market continued to show resilience in September. In fact the average price of all homes increased approx 8% over 2017. This occurred at the same time as the number of listings increased over 30% and the number of sales dropped 19%.
As we have discussed in the past, we have been expecting the decrease in sales and also the length of time it takes to sell a home. What we have been surprised with is how stable the median price has remained throughout the year. In fact, the 8% increase in September is across all home types. Each of the median prices of condos, townhomes and single family homes all increased approx 8% each. This strength in pricing is somewhat surprising and we will continue to watch the market closely.
HIGHLIGHTS FROM SEPTEMBER 2018:
- Average sale price increased + 8% (all properties included)
- Listings increased +33% ( all properties included)
- Months supply of housing 8.72 months on hand
Another interesting note is that although Single Family Home sales are down from 2017, they have recovered somewhat and are only 8% lower than last year. Where we have seen the reduction in sales is in the condo and particularly the townhome markets, which are down 26% and 40% respectively. This also differs from earlier in the year when we saw the SFH market incur a larger share of the slowdown in sales.
What does this mean to us?
The stability in the prices is a reassuring sign and homes are selling at a slightly slower pace than a year ago. We recommend taking the time to sit with a professional team like Nyrose & Associates whether you are thinking of buying or selling.
All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future. Contact your Real Estate Kelowna Pros of Nyrose and Associates 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.