I’m sure we can all agree the past 5 years the Okanagan has seen tremendous growth. We have been discovered on a global scale and Kelowna was recently reported by Statistics Canada as Canada’s fastest growing urban area. Our local population grew 14% from 2016 to 2021 and we predict that number to be even higher through 2022. So what happened to our real estate market over the past 5 years?
Our prices have more than doubled
Homes are selling 50% faster than in 2017
Number of sales were up 36% when comparing January 2017 to January 2022 but down 50% from July 2017 to July 2022
Number of new listings in July 2022 was consistent with every July over the past 5 years; however this spring we had the highest number of new listings come on in a month than any other month over the 5 year period
We currently have over 9 months worth of inventory on the market which is one of the highest over the 5 year period
A trend we are noticing is although our overall inventory is up, we are seeing a decline in new inventory coming on the market. We have 20% less new inventory coming on the market now compared to April.
This means sellers aren’t panicking but are instead willing to wait it out.
We only lose money if we realize our loss, which means to sell in a down market. Our prediction is we will be on smoother ground next spring, so now or this fall is a great time to buy. We never know when we have hit the bottom until we are on our way back up.
If you have any real estate questions or would like more information on the trends of the market please let us know. We are only a phone call away 250-868-1501
Discover the best of the Okanagan lifestyle. Learn more about our expert REALTOR® services and find your new home in Kelowna.
Sign-up for the Stone Sisters Newsletter. Content includes market predictions, real estate statistics, neighborhood insights as well as featured and new listings.
