Hello,
We have almost reached the midpoint of 2024, if you can believe it. This year is going so fast already and while time is moving quickly the real estate market has slowed slightly. We thought since we are almost at the halfway mark of the year with only a few weeks left before summer break, it may be helpful to review how the Central Okanagan real estate market has fared since this time last year. Below we have broken down the details comparing May 2023 to May 2024:
- Single-Family Homes:
- Price: $1,188,939 (May 2023) → $1,131,069 (May 2024)
- Inventory: 5 months (May 2023) → 10 months (May 2024)
- Trend: Inventory up 50%, prices down 5%
- Condos:
- Price: $535,000 (May 2023) → $487,630 (May 2024)
- Inventory: 4 months (May 2023) → 7 months (May 2024)
- Trend: Prices down 9%, inventory up 40%
- Townhomes:
- Price: $690,735 (May 2023) → $723,436 (May 2024)
- Inventory: 3 months (May 2023) → 7 months (May 2024)
- Trend: Prices up 5%, inventory up 40%
Key takeaways
- Shift to a Buyer’s Market: The overall increase in inventory and the drop in average sale prices indicate a shift towards a buyer’s market in the Central Okanagan region.
- Lots of choice: Prices for Single Family homes have decreased by 5%, and inventory has doubled, giving buyers more options and negotiating power.
- Many Condo deals: We saw a 9% decrease in condo prices, with a significant increase in inventory, making it favourable for buyers and many deals in this segment.
- Potential opportunities with Townhome segment: Despite a 5% increase in prices, the inventory has risen by 40%, balancing the market dynamics.
What This Means for You
- For Buyers: The current market conditions are favorable, with more properties available and more room for negotiation. It’s a great time to explore the options in Kelowna and find a property that meets your needs.
- For Sellers: While the market has shifted, homes that are well-maintained and priced appropriately continue to attract serious buyers. Focus on enhancing your home’s appeal to stand out in a competitive market.
If you have any further questions about the market, we would be happy to help and are only a phone call away.
Thank you,
Shannon & Tamara
