July Real Estate Market on Fire!

The Kelowna real estate market was on fire this past month, with single family house sales volume up nearly 47% over last July!

Three months of pent-up demand (due to COVID) and a very delayed spring real estate market resulted in a lot of activity these last two months.

Single Family housing inventory continues to be low (-19%) and we are seeing bidding wars with many properties selling above list price or with backup offers in place. There is also a high volume of luxury homes selling these last 2-months as home buyers move out of higher priced markets like Vancouver and Toronto. Average home prices were driven up 14% to $812,875 (vs. $712,649) and Median prices up 6% to $725,000 from $685,000 last July 2019.

Condo sales also rose 12% this year with 150 condos sold in July 2020 vs. 134 last July, however, median condo prices dropped (-1%) to $339,000 from $343,000 last July 2019.

Your home is your BIGGEST investment! Working with a highly experienced realtor is essential in markets like these in order to navigate through marketing your property, strategic offer negotiations and complex paperwork.

For more information on Kelowna Real Estate, or to schedule a market analysis on your property, go to www.BriggsOnHomes.com or call the Briggs On Homes Group of Coldwell Banker Horizon Realty at 250-215-0015.

To view full July 2020 stats from the Okanagan Mainline Real Estate Board (OMREB) Click here: https://www.omreb.com/files/07-CO%20Statistics-July2020.pdf