Kelowna Real Estate Market Update for Summer 2014

There are many great Kelowna area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 250-717-3133 for a FREE home buying or selling consultation to answer any of your real estate questions.

It may be hard to believe, but the year is already halfway over. Since we are at the midpoint of 2014, we thought now would be a great time to give you a little market update on what's going on with real estate in Kelowna. We will share a few statistics with you as well as give you some real in-the-trenches information as to where we are today.

• Sales numbers are up. We've had 2,500 sales so far this year. At this point last year, that number was just over 2,000. An increase of 22% in sales over 1 year is a very strong number.

• The amount of listings that have come on the market this year have been lower. The 2,850 homes that have come on the market so far this year are much lower than the over 5,000 listings we saw come on the market at this point in 2013.

• A major indicator of market health is the amount of failed listings, or listings that expire or are withdrawn. Last year we had over 2,000 failed listings in the first 6 months, but this year that number has dwindled to just over 600. That is almost a third of what it was last year.

• For 4 bedroom, 3 bathroom homes in central Kelowna, the average worth last year was $450,000, but this year those homes are worth around $490,000.

• As for 4 bedroom, 3 bathroom homes in west central Kelowna, their average worth last year of $460,000 has jumped up to the high $480,000's.

• This is the peak selling season for the market and we should expect to see prices normalize for the next little while.

If you have been waiting for that little bump in price to sell your home and move up, now is a great time to be a move up buyer. You can take advantage of low interest rates and some of the higher priced homes are priced considerably lower than their peak price in 2008. Feel free to reach us at any time if you have any questions at all about buying or selling a home in Kelowna. We would love to help you out.