Image Credit: SUBMITTED
March 18, 2017 - 3:00 PM
OPINION
If you’ve been thinking about selling your Kelowna real estate, now is about as perfect a time as you can get, especially when it comes to homes listed at less than $600,000.
The most recent numbers from OMREB - the Okanagan Mainline Real Estate Board - show that inventory (the number of homes on the market) remains low, while demand (people looking to purchase property) remains high.
Looking at the stats for February 2017, we see that there was a total of 115 single family homes listed at less than $600,000 that hit the market. During the same month, 101 single family homes priced at less than $600,000 sold - a net difference of +14 homes. Going back a year to February 2016, there were 232 single family homes priced at less than $600,000 that went up on the market, with 149 selling in that price range - a net difference of +83 homes.
This consistent demand and low inventory is driving up prices. For example, the median price for a single family home in February 2016 sat at $519,500. However, for February 2017, that number has climbed to $589,750 - an increase of 13.52%. If we look at condos, the numbers are even more dramatic with a median price increase of $23.93%, rising from $257,000 to $318,500.
If you have been debating listing your Kelowna property, now is about as good a time as you could imagine. Demand is high and inventory is low. This means that your home may sell quickly and for its top market value. With that said, do not be complacent when selecting a listing agent to work with. Despite the conditions being great for selling, you need to ensure you pick a quality agent. We advise interviewing multiple candidates.
On the flip side, if you’re looking to buy some Kelowna real estate, you should be prepared to be patient. With inventory slim, it may take you a little while longer to find the home that suits your needs. Moreover, when you do find the right home, keep in mind that you are very likely to be competing with other qualified buyers. However, this is no reason to be disheartened, you just need to make sure you select a great agent - someone who will keep you posted on new listings (and quickly), is an expert in the field and will work hard to get the deal done for you.
We anticipate that the Kelowna real estate market will stay this way for the foreseeable future. If you have any questions about selling, buying or investing in our local market, I invite you to contact our office. It would be our pleasure to chat with you.
– Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate. His company runs the website KelownaProperties.com - Kelowna’s most comprehensive real estate search tool. Mark Walker’s column appears here every two weeks.
We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor.
News from © iNFOnews, 2017