Central Okanagan Monthly Real Estate Market Summary – May 2023

Kelowna residential real estate sales are finally picking up the pace after a slow start this spring. If you’re thinking of selling your Kelowna home, then keep reading to see why now is a great time to list your home for sale with a productive real estate team like Hilbert&Crick. Follow along for what happened in Kelowna real estate this past month!

Inventory is on Its Way Up According to New Market Statistics.

The Association of Interior REALTORS® President Chelsea Mann explains how buyers are adjusting their real estate goals to account for higher interest rates.

“Some buyers seem to have recovered from the rate shock and re-evaluated or have adjusted their expectations of what they desire to more realistic expectations so that they can resume their real estate efforts,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “while this is great to see, interest rates are still top of mind for many buyers”

The benchmark price for a single-family home in Central Okanagan was down 6.7% to $1,048,900. Central Okanagan townhomes and condos saw their benchmark price decrease to $767,100 and $516,900 respectively. There were 996 single-family homes added to the market making for an increase of 14.7% in May. Townhomes had 263 units added to the market and condos saw 484 new units add to the real estate supply. The days to sell a home in Central Okanagan are up across all home types.

With new listings continuing to grow from last month, it is a good sign that inventory is on its way up. Experts are hopeful that this momentum will continue. If you’re considering listing your home, it’s important to discuss it with a knowledgeable real estate team. There are many factors involved in today’s real estate process to entice buyers and make your property memorable. Talk to our team today and find out more about how we can help you get ready to sell.

The summer market is a great time to get your home exposure as many buyers are flocking to Kelowna from out of town to find a slice of the Okanagan to call home! Get in touch with us now, so we can match you with one of our pre-qualified buyers!

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