OCTOBER 2018 - HOW'S THE MARKET?
As we are now enjoying a gorgeous Okanagan Autumn, which is typically a pretty busy time of year for real estate, I wanted to reach out with some information on how our market is performing this year...have a watch, and check out some of the more detailed info below!
In the graphics below, we can take a closer look at how the individual property types break down as far as number of sales, current listing inventory, the number of Months of Inventory to determine our supply vs demand balance, as well as average prices and number of Days to Sell.
As a whole, the Central Okanagan continues to slow down from last years pace, with sales over the last several months consistently 25-30% lower than the same month last year. Listing inventory continues to trend higher as well, which is causing the Kelowna and area market to enter Buyer's market territory in most property categories.
SINGLE FAMILY HOMES
Our Single Family Home market continues to slow, which is leading to longer time on market, and a little more negotiating power for the Buyers. Our inventory levels have been consistent the last several months which means aren't seeing a flood of homes hitting the market, but sales have been more sluggish than this time a year ago. The average price for a single family home is just over $720,000
The Condo market continues to out perform the other residential property types, but is trending closer to a Buyer's market as well. The amount of inventory is decreasing for the time being, but with slower sales than any other month this year to date, and a couple of larger condo projects on the verge of completing, we may find ourselves in a Buyers market before long. The average condo price is approaching $350,000!
TOWNHOMESThe Townhouse market in September was very unusual, with a large drop in sales and higher levels of inventory than we've seen all year, the buyers purchasing townhomes are calling the shots! In saying that, one month does not make a trend...we will have to wait and see if this was just a strange month of low sales, or if it will continue going forward. The average townhome price is just over $510,000
If you are curious as to what this all means to you, or if you have any questions that were not covered here, please reach out to me any time and I will happily help!
Happy Fall - talk to you soon :)