Another real estate giant released its 2017 Spring Market Trends report and also confirms that the Kelowna real estate market is very robust with sellers in the driver’s seat.
According to the Remax report, the region had a sellers’ market with below average inventory levels and increased buyer activity in the first three months of 2017 compared to 2016.
The average home sales price in the first quarter of 2017 was up 13 percent compared to the same period last year and now stands at $ 612,584.
Last week, Royal LePage released its report for the first quarter of 2017, stating that all property types in the Kelowna area are facing double-digit price increases.
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CONTINUE READING: Kelowna property prices are rising
According to the Remax report, single-family homes remain the most sought-after property type in Kelowna.
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Real estate is also being sold faster. The report says homes stay in the market for approximately 45 days, compared to 57 in the same period last year.
The Kelowna market continues to be fueled by so-called relocation buyers from Vancouver and other provinces, especially in the upper end of the market, due to its relative affordability in the region.
The reports suggest that the housing market in the Kelowna area will remain strong due to new condominium development projects. A recent change in favor of the RU7 zoning, which allows greater flexibility for infill apartments in some areas, should also keep buyer activity strong.
Click here for the full 2017 Remax Report.
© 2017 Global News, a division of Corus Entertainment Inc.
