The Kelowna Real Estate Market continued strong in February as low inventory made buyers compete for listings with many properties selling over list price!
Overall sales totaled 520 in February, an increase over January’s 353 sales, yet a 9% decrease over February of last year. Also reflective of a more active market, the average days on market (how long it takes to sell a home) was 87, representing a shorter timeframe from January’s 96 days and last February’s 98 days. Pricing is also on the rise as shown below.
The ongoing issues with low housing inventory will continue to put upward pressure on pricing. If demand continues at current rates, we will continue to experience competition for available properties, multiple offer situations and sales prices that are higher than asking price.
And where are Home Buyers coming from? Again we continue to see that most buyers already live in the region, at 55%, followed by those from the Lower Mainland and Vancouver Island at 21% and Alberta, at 12%. Foreign buyers continue to be a small percentage of the buying population at only 2%.
Also consistent is the type of buyer, with the top three spots swapping between two parent families with children, currently at 26%, couples without children, at 24% and empty nester or retired families at 20%. First time buyers continue to be a strong group at 21%, slightly edged out by those relocating to a similar-type property at 22% and just ahead of those downsizing at 17%.
It's important to use a knowledgeable and experienced REALTOR® who is familiar with the local market.
LEASE has been PREPAID on this unit!
For more Kelowna real estate help and professional advice call Jaime Briggs, Coldwell Banker Horizon Realty at 250-215-0015 or go towww.BriggsOnHomes.com