Kelowna real estate is starting to move at a more even pace as we settle into summer. If you’re thinking of buying or selling a home in Kelowna, then keep reading to see why now could be a favourable time to start achieving your real estate goals. Follow along for a report on what happened in Kelowna real estate this past month!
Inventory is Creeping Up and Demand for Affordable Housing is High
The Association of Interior REALTORS® President Chelsea Mann discusses the impact of the gap in affordable housing.
“After a long supply drought, it is encouraging to see that inventory has slowly been creeping up the last few months. However, there is still a segment of the market that is not available to meet certain buyer’s needs due to the high cost of lending, in particular affordable housing,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “demand for affordable housing is at an all-time high.”
The benchmark price for a single-family home in Central Okanagan was down 3.1% to $1,063,800. Central Okanagan townhomes and condos saw their benchmark price increase to $785,900 and $533,100 respectively. There were 1,092 single-family homes added to the market making for an increase of 4.4% in June. Townhomes had 297 units added to the market and condos saw 499 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. Now that summer is in full effect, the market seems to be slowing down to a normal pace. If you’re considering listing your home or buying a property, it’s important to discuss it with a knowledgeable real estate team. There are many factors involved in today’s real estate process. Talk to our team today and find out more about how we can help you get ready to buy or 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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