September Real Estate Statistics – Kelowna and The Central Okanagan
Last month we wrote that August real estate sales in Kelowna were telling a story. September isn’t deviating from the plot. Sold units are down, and active listings are up throughout the Central Okanagan. The plot thickens as the Bank of Canada continues to raise interest rates, preventing would-be new buyers from getting started with their dreams of homeownership. In fact, many buyers are nervously waiting in the wings. Leary about pricing, hoping things go even lower and waiting to see if deals are indeed around the corner.
We’re told to expect further rate increases before the calendar year is up. Housing inventory is still not matching the demand that we’re seeing even as pricing trends downward. Time on the market is one thing that’s still holding steady on average with last year’s data. That’s a good thing for sellers. How long it lasts, remains to be seen. If you’re ready to list your home for sale in Kelowna, get in touch with us. We have a list of potential buyers who are actively shopping for the right place to call home!
Sellers should expect that buyers are taking more time to decide on their real estate purchase in this market. The Pandemic frenzy to buy without due diligence has been tempered. Home inspections, second and third showings, and open houses are all back on the table. If you’re buying you can expect to see more homes available to choose from, however, it’s still worth noting that we are nowhere near pre-pandemic levels.
Real Estate Sales – Kelowna