As summer comes to a close the kelowna real estate market is starting to slow down, which is quite normal for this time of year. The market is starting to balance itself out as we are seeing a number of increased sales and fewer listings in the area.
That being said, sales prices are remaining stable, with the median price of townhomes increased by 15% this year in August compared to this time last year. Condos sales have increased by 5%, and single family homes have stayed the same,
August Statistical Summary
Months’ supply on hand = 7.3
Days to sell = 51 days on the market
Median Sale Price Single Family Homes = $650,000
How this effects the market
More selection for buyers
Listings need to be priced correctly
Homes are taking longer to sell compared to 1 year ago
Fore more information on the latest kelowna real estate statistics and what the future looks like, contact Matt Ranger today.