Well, it seems that the Kelowna Real Estate market kicked off 2017 with a good start despite the unusually long and cold deep-freeze (AKA "Snowmageddon") that seems to have hit the Okanagan Valley and most areas of Western Canada.
The market for single family homes, condos and townhomes is still quite strong with overall low inventories and increased prices (as shown below). Buyers continue to compete daily for new listings in many price ranges.The majority of Buyers are "move-up buyers" accounting for 23.3% of market share and "first-time buyers" at 20.3%. Local buyers still lead the pack (57.7%), with buyers from Lower Mainland/Vancouver Island, Alberta buyers and lastly foreign buyers at only 2.1%.
Once the snow finally melts in the valley here, we anticipate that our Spring market will start up very quickly! (It started mid-February last year). So if you're thinking of selling or buying it's a good time to start planning ahead now. Questions about the Kelowna Real Estate Market? Give us a call (250) 215-0015 or drop us a firstname.lastname@example.org ~ We love talking real estate!