Central Okanagan Monthly Real Estate Market Summary – April 2023
Kelowna real estate is struggling to keep up with supply this April. 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!
Demand for Kelowna homes for sale is high while inventory remains low.
The Association of Interior REALTORS® President Chelsea Mann explains how buyer optimism has returned with the leveling of interest rates.
“After a sluggish start to the year we are seeing buyer optimism returning as the busy spring market has arrived,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “buyers who hit pause on their real estate ventures amid rising interest rates last year have started to resume their searches with different expectations in mind.”
The benchmark price for a single-family home in Central Okanagan was down 8.8% to $1,051,100. Central Okanagan townhomes and condos saw their benchmark price decrease to $528,100 and $717,000 respectively. There were 896 single-family homes added to the market making for an increase of 33.7% in April. Townhomes had 289 units added to the market and condos saw 476 new units add to the real estate supply. The days to sell a home in Central Okanagan remain slightly down or the same from last month across all verticals.
The days to sell your home in Kelowna remain higher than during the Pandemic months but are on par with good decision-making. Overall, we are seeing a return to confidence from buyers who are enjoying more stable interest rates. It’s important to discuss listing your home 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 spring 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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