Mark Walker is a real estate agent and the agent / owner of Kelownas Walker Real Estate.
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October 14, 2017 – 8:29 am
OPINION
The latest statistics from the Okanagan Mainline Real Estate Board show that the Kelowna real estate market is back in balance – at least single-family homes. That is good news.
For much of the year the headlines revolved around a sought-after market in our region, and it certainly was, but inventories, particularly in the single-family residential real estate space, are steadily increasing in the middle of the Okanagan.
If we look at the statistics for September 2017 compared to September 2016, we actually see something quite remarkable. The number of single-family homes increased by 30 percent (961 single-family homes were listed at the end of September 2017), while sales fell by 30 percent (276 sales in September 2016 compared to 193 in the previous month).
September 2017 was also the tenth consecutive month that the number of single-family homes in the Central Okanagan increased. While the statistics also show that the average home price has climbed back above $ 700,000.
From October 2015 to August 2017 the inventory on the market was below 1,000, but we are now at 1,033 active entries.
Of course, there are advantages and disadvantages to each type of market, and a lot depends on your specific situation. As a rule, however, a balanced market is the best market.
I’ve seen pretty much every market imaginable in my career – if you are thinking of buying, selling, or investing, seek the opinion of at least two experienced real estate agents.
If you have any questions about the Kelowna real estate market, please feel free to contact me directly. I am always happy to hear from real estate chats and answer your questions. I can be reached at 250-764-4344 or Mark@KelownaProperties.com.
– Mark Walker is a real estate agent and the agent / owner of Kelownas Walker Real Estate. His company operates KelownaProperties.com – Kelowna’s most comprehensive property search tool.
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News from © iNFOnews, 2017
