Real estate activity across the province of British Columbia continues to slow. High-interest rates, a looming recession, and economic uncertainty are all factors contributing to a long lineup of potential buyers who are patiently waiting to see market corrections. Prices remain steady and the cost of a single-family home in Kelowna rose slightly despite slower sales activity and an increase in selection. This data suggests that appropriately pricing your home for sale in Kelowna has never been more important than now. Hilbert & Crick Real Estate Group can help you price your home and connect with buyers searching for homes like yours!
Fall Real Estate Activity in Kelowna – Buyers remain cautious and high interest rates are to blame!
The Association of Interior REALTORS® President Chelsea Mann provides the following insight into the local real estate market conditions.
“Typically the fall market starts to pick up momentum in September, however sales activity for the month suggests that the weight of high interest rates continues to bog down both buyers and sellers,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “many buyers and sellers have seemingly hit the brakes on their real estate efforts and have taken a wait-and-see approach hoping for the cost of borrowing to lighten.”
“The market slowdown does not however mean that there aren’t still deals being made. Homes that are priced appropriately to reflect current market conditions are still being sold at an even pace,” says Mann.
The benchmark price for a single-family home in Central Okanagan was up 3% to $1,006,300. Central Okanagan townhomes and condos for sale saw their benchmark price decrease slightly by 2.1% to $762,100 and 6.5%, $481,100 respectively. There were 1,184 single-family homes added to the market resulting in a 15.1% increase in supply during September. Townhomes had 347 units added to the market and condos saw 531 new units added to the real estate supply. The days to sell a home in Central Okanagan continue to rise across all home types and are in the 54-60-day range.
The market has buyers and sellers confused about when it’s the right time to make a move. If that sounds like you or you’re considering listing your home for sale or buying a property in Kelowna, 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.
We’re heading into a winter market, so make sure to get in touch with us now so that we can match you with one of our pre-qualified buyers!