The New Normal for Kelowna Real Estate


Kelowna Real Estate News December 2018 Sales continue to slow as we move into December and January (the slowest time of the year). Single Family Homes have teetered on the edge of a balanced and buyers market for the last 5 months now.  This appears to be the new "normal". It is causing downward pressure on prices over $800,000, and especially between $1-1.5M where only 4% of the 220 listings are selling per month. Still, sales numbers are in line with the 10 year average. Townhomes have also seen a steady incline of inventory over 2018. With 353 units for sale, this puts us in line with 2013/2014. The 42 sales…

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Townhome Listings Double!


     Nothing beats golden hour sunsets in the Okanagan. Kelowna Real Estate News Single Family Homes It's nothing new that sales have slowed and listings have been climbing since the spring, and the graphs below will confirm that.  What is interesting though, is that for the past 4 months, our sales to listings inventory ratio for single family homes hasteetered between a balanced and buyers market, and continues to sit there. Our sales numbers for October are back in line with the 10 year average after a brief dip below, and although listings are up almost 30% over this time last year, we are still 10% under the 10 year average.…

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Prices Up, Sales Down?


Kelowna Real Estate News Average Prices Are Up and Sales are Down in the Okanagan The Okanagan’s summer was predictably hot once again, but the region’s housing market entered its seventh consecutive month of cooling sales. There were 584 sales in September across the Okanagan Mainline Real Estate Board (OMREB), down from 709 the previous month.While the average price of a home inched up 5% over August and 8% over last September, the average price only tells part of the story.  Prices of homes have not begun to climb again. We’re seeing a shift across the region with all signs pointing to a market continuing…

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Why is the Average Price in Kelowna down $95k?


Evening sunset over Kelowna last week by Elizabeth Holly Photography Kelowna Real Estate News August 2018 The cooling trend continues as you can see in our graphs below. Listings are up and sales are down. We see two reasons why our average price dropped $95K from the previous month.  One, in July our average price was unusually high, an extra $65K higher due to many sales in the higher price ranges. Reason two, is that historically, the average price in August is lower than July. In this case, it is down $30K from where July should have been. This doesn't mean that prices are falling $95,000 per month.  This is simply an average…

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