New property listed in Kelowna
I have listed a new property at 1006 1232 Ellis Street in Kelowna. See details here You can own this location 2 bedroom/1 bathroom ...
READ POSTI have listed a new property at 1006 1232 Ellis Street in Kelowna. See details here You can own this location 2 bedroom/1 bathroom ...
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READ POSTResidential real estate demand across the Association region remains strong heading into the seasonally busy spring months despite a persistent lack of inventory in the region and throughout the province, reports the Association of Interior REALTORS®.
A total of 1,516 residential unit sales were recorded across the Association region, marking a 15% decrease compared to a record high number of units sold in February 2021. New residential listings coming onto market saw a decrease of 12% within the region with 1,850 new listings recorded. The overall active listings were also far below last year February’s active listings showing a 19% decrease in year-over-year comparisons.
“The persistent lack of new listings coming onto market is far from adequate to meet the demand of buyer’s locally and those coming from other markets,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “we are seeing the mismatch of inventory versus demand taking a toll on buyers as they show signs of fatigue in having to compete in a seller’s market where lack of supply is putting upward pressure on pricing, and further on affordability.”
To find out what is happneing in your neighbourhood, please give us a call. We would be happy to discuss homes values as they affect you.
Residential sales for the entire Association region decreased 10% over the same month last year, clocking in at 1,063 residential sales in November. This was also less than October’s 1,115 sales.
“It is typical as we approach the holiday season to see residential sales slowdown within the real estate market,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “the lack of homes available for purchase is certainly adding to the slowdown.”
The inventory, or supply of active residential listings was down 39% across the Association region compared to the 3,574 active listings during November 2020, while the 916 new listings for November came in at 10% lower than last year November’s units.
“As we have seen, there has been a persistent drought of inventory in the market all year as new listings are just not coming on to market quick enough to meet demand,” says Heizmann.
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions have been consistent with double-digit percentage increases in year-over-year comparisons in all home categories.
In the South Peace River Region, where benchmark pricing is not available, the average price across all property types increased compared to the same time last year.
Contact Eric or Dulcie at Central Okanagan Homes to find out more about the real estate market and how we can help you achieve your real estate goals.