A lot can happen in 30 days. Did you know you can grow a radish from seed or a full head of lettuce? You can also change a habit, (science has suggested habits can be changed within 21 days) so it should be of no surprise that our market can have a full shift in just 30 days. However, it is still a shock to many that our market today is very different than it was just 4 weeks ago.
The total sales in April in the Central Okanagan are down 10% over the past 30 days and down 23% from April of 2022. Sales are down the most for single family homes; however, this is also the segment that has increased the most in price, 28% on average from April of 2021 to April of 2022. Over the past 30 days we have seen 617 properties sell on MLS, 339 properties come off of the market and the percent of sales versus inventory drop by almost 50%. What we have also started to see is price reductions, properties not appraising for the sale price and interest rates rising.
On a more positive note, although many buyers are being more cautious than they were 30 days ago, we are seeing more investors enter the market place opting to buy real estate instead of the stock market. Given Kelowna’s attractive climate, lifestyle and healthy rental market – we are still a great place to invest!
If you have any questions about the market or wish to find out what your home is worth – please let us know. We are always happy to help.
Enjoy the sunny days and the rest of May, if you have any questions or know of anyone who is looking to buy or sell - please let us know. We would love to help.
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