Real estate prices are still rising
Photo: Contributed
It is well documented that the COVID-19 pandemic has not slowed the Okanagan real estate market.
In fact, it seems to have accelerated a bit since the virus hit the world 11 months ago.
Now there are numbers showing how productive the Kelowna market has become, even in the last year or so. The Krieg family, which is part of the Kelowna Re / Max group, reports that the average price for a single-family home in Kelowna has increased by a whopping $ 160,000 over the past year from that time.
Single-family homes in Kelowna sold for an average of $ 887,868 in January. This isn’t the benchmark or median as these are valuable waterfront properties, but it’s still an amazing number.
“Sales are still double the 10-year average and the listings are half what they should be,” wrote the Krieg family in their monthly report. “Prices remain under massive upward pressure, especially below $ 900,000.
“January was the first month in a long time that new listings outpaced sales – if only by 24 properties – but building more inventory is a step in the right direction.”
Kelowna Townhome sales were down in January, but the market remains warm due to fewer offers and rising single-family home prices.
The housing and condominium market is also beginning to move in sellers’ favor, and the Krieg believes that after vaccinations and the removal of health restrictions, it will only get hotter when travel and socializing return to downtown.
