Wednesday, 8 May 2013

It is heating up in Kelowna and so is the Market!

Kelowna's sales activity took a big jump in April compared to earlier months with unit sales seeing a 19% increase in activity compared to the same month last year. Single family home sales jumped almost 21%. This recent activity now has the market on par to last year given the slower start to the year with a total of 1,190 units sold in the greater Kelowna area year to date. Listing inventory is now down about 10% compared to last year.

The average price of a single family home is just slightly lower than last year at $441,182 compared to $452,859. The median price remains the same for all residential properties however at $349,500. With the expected increased sales activity to continue in our area over the next few months, it will be interesting to see what  will happen to prices. Even though the number of listings are down 10% so far this year, April saw the same number of new listings as April last year.

Our area is definitely doing better than the Lower Mainland where their activity continues to be sluggish in most Greater Vancouver markets. Our lower prices, continuing record low interest rates and the strength of the prairie markets has a positive impact for real estate sales in our area.
Also, as the sunbelt areas of the US continue to strengthen with monthly price increases, many buyers for second homes are looking to the Okanagan once again.

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