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WALKER: Balance returning to Kelowna real estate market

Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate.
Image Credit: SUBMITTED
October 14, 2017 - 8:29 AM

 


OPINION


The latest stats from the Okanagan Mainline Real Estate Board show that balance has returned to the Kelowna real estate market - single-family residential properties at least. This is good news.

For much of the year, the headlines have been about a hot sellers’ market in our region, and that has certainly been the case, but inventory, especially in the area of single-family residential real estate, has been steadily increasing in the Central Okanagan.

Indeed, if we look at the stats for September 2017 versus September 2016, we see something quite remarkable. Inventory for single family homes is up by 30 per cent (there were 961 single family residential homes listed at the end of September 2017), while sales decreased by 30 per cent (276 sales in September 2016 versus 193 this past month).

September 2017 was also the tenth month in a row where the inventory for single-family residential homes in the Central Okanagan has increased. While the statistics also show that the average home price has once again ticked over $700,000.

From October 2015 to August 2017, on market inventory was below 1,000, but we’re now sitting at 1,033 active listings.

Of course, there are advantages and disadvantages to every type of market, and much depends upon your specific situation. However, as a general rule, a balanced market is the best kind of market.

Throughout my career, I have experienced pretty much every type of market imaginable - if you’re thinking of buying, selling or investing, please be sure to seek the opinion of at least two expert real estate agents.

If you have any questions about the Kelowna real estate market, please feel free to connect with me directly. I’m always happy to chat real estate, and it would be my pleasure to answer your questions. I can be reached at 250-764-4344 or Mark@KelownaProperties.com.

— 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.


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