October Real Estate Statistics – Kelowna and The Central Okanagan
October real estate sales in Kelowna, were full of surprises, especially if you haven’t been following along. You might have been surprised to hear that the benchmark single-family home price rose higher this month! Many people assumed Kelowna would see a decline and a steep one at that! In fact, the average benchmark price for a single-family home increased by 1.5% to $997,000. We’re still sitting lower than our pandemic high but clearly, consumer confidence in the local market remains steadfast.
On the other hand, the days required to sell a home are increasing each month. October saw an average of 49 days to sell. This number shows that home buyers are taking more time to decide on where they want to live. With a rise in inventory to the tune of 117%, there are more choices available to home buyers.
If you’re a seller who’s not in a panic to sell, it’s still a great time to cash in on high home prices. It might take a little longer than more recent sales activity, but there is still great money to be made in the Kelowna real estate market.
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October Real Estate Sales – Kelowna