According to the most recent numbers from the Okanagan Mainline Real Estate Board, inventory is significantly lower than the same time last year leading to an increase in the price of homes in the Central Okanagan.
In January 2017, the number of active listings in the Central Okanagan totalled just 1,951; that’s a 24.14% decrease from January 2016 when 2,572 listings were active. Despite the lower inventory, more homes sold for an increase of 17.87% over last year with the average number of days on market for residential properties at 65.
Steady demand and low inventory may lead to continued upward pressure on home prices. The median price for residential homes in January 2016 was $488,500. That number has climbed 12.59% and now sits at $550,000 for January 2017.
What does this mean for you?
If you’re a seller, now is a great time to get your house listed on the market with a qualified Realtor. A significant number of building permits were issued last year, so we may see an increase in new home inventory over the coming months. If you can get your home on the market now, you may be able to beat the spring/summer real estate rush.
For buyers, the key is to hire your own Realtor who will work on your behalf and negotiate with the listing Realtor. Great real estate agents will also alert you to new listings and work to set up viewings as quickly as possible so that you don’t miss out on your new dream home.
If you have questions about the Kelowna real estate market or if you’d like a home evaluation before you choose to list your home, give the team at Walker Real Estate a call at 250-764-4344.