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The Kelowna real estate market, once a hotbed of frenzied bidding wars, has entered a new chapter. While the sunshine and scenery remain, recent months have brought a wave of change. Let’s dive in to see where things stand.
Cooling Prices:
- Benchmark Down: The average benchmark price for single-family homes in Kelowna dipped below $1 million in April 2024, sitting at $986,600 [source: Association of Interior Realtors]. This represents a year-over-year decline and a shift from the record highs of 2022.
- Inventory Upward: Gone are the days of limited listings. New listings are on the rise, with a 34.3% increase compared to April 2023 [source: Association of Interior Realtors]. This means buyers have more options and potentially some negotiating power.
Shifting Market Dynamics:
- Balanced Condo Market: Condo inventory remains relatively stable, with supply hovering around 6 months [source: Association of Interior Realtors]. This indicates a balanced market where neither buyers nor sellers have a clear upper hand.
- Extended Days on Market: Homes are staying on the market longer. The average days on market in Kelowna has reached 54 days, a significant increase compared to the fast-paced market of the past [source: Association of Interior Realtors].
What it Means for You:
- Buyers: More choices and potentially some room for negotiation are positive signs for buyers. However, interest rates remain a factor, so careful budgeting is key.
- Sellers: Be prepared to be patient and consider realistic pricing strategies in light of the current market conditions.
Looking Forward:
The future of the Kelowna market remains uncertain. High interest rates and a more balanced market are likely to continue influencing activity to remain in more of a balanced zone. For the latest updates and expert advice, consult a local realtor who can provide specific guidance tailored to your situation. I would be happy to be that Realtor for any of your real estate needs.
Feel free to connect with me today!
