The housing market in Kelowna is humming right along for both buyers and sellers in the under $500,000 market. This is where most people live. If your house is in this price range and currently for sale it’s likely getting a steady flow of showings, prospective buyers are likely driving by and open houses are well attended. If it hasn’t sold you can’t blame the market because we’ve generated 703 sales in this price range this year and there are only 650 homes for sale.
This segment of the Kelowna Real Estate Market is balanced and well priced homes are selling quickly while overpriced homes aren’t. It’s a much different story in the more expensive neighborhoods of town where there are 1,084 homes priced over $500,000 and we’ve only generated 429 sales this year. These folks are still coping with a buyer’s market and need to be more patient when selling due to the limited demand. Showings are more scarce, open houses poorly attended and multiple offers are rare. Let’s not end this paragraph on a downer Things are a lot better than they used to be and they’re getting better.
There were only 276 Kelowna residential sales in the > $500,000 market this time last year which represents a whopping 55% increase in sales volume year to date. That’s huge and shouldn’t go unnoticed. Despite an oversupply of high priced homes, all indications are that things are getting better for the high end home seller but at the same time he needs to be aware that buyers looking right now still have a seemingly unlimited selection of other homes to choose from Â which takes the urgency out of the home buying process. Urgency is key and can’t be underestimated especially in times like these. The savvy seller has a tough decision to make right now. He either holds firm on his price based on the logic that things are so active in lower price ranges that prices/demand are bound to increase making market conditions for his house better. Or, does he reduce his price now because he sees homes nicer than his selling for $50,000-$75,000 lower than the asking prices last year and bringing values down? It’s never been more important than now to have a good Kelowna realtor monitoring the housing market closely for you because things are changing daily (122 solds this week alone).
If you know someone who is looking for a Kelowna home, please share this