Kelowna Real Estate Update: Are You Still Waiting for Prices to Drop?If you've been waiting for the Kelowna real estate market to crash, you might be waiting a while. Despite being in a buyer's market, prices have remained stable, even showing slight increases compared to last year. If you’ve been holding off for more certainty before making your next move, now could be your opportunity. Let's break down what’s happening in the Kelowna market, how it compares to last year, and what it could mean for you.
For more insights into the Kelowna Real Estate Market, check out the video:
Kelowna Real Estate Market Overview
Kelowna has been in a buyer’s market for some time now. After the market peak in 2022, we saw a correction, but recently, prices have remained steady. In fact, they’ve even increased slightly in most categories.The number of homes being sold is up, showing that the market is getting busier. Residential inventory is also up 20% year-over-year, giving buyers more choices. As we move into spring, inventory is continuing to increase, which is a normal seasonal trend.Breaking Down the Numbers
Single-Family Homes
- February Benchmark Price: $1,036,900 (Up 0.6% from the previous month, up 3.9% from last year)
Townhomes
- February Benchmark Price: $730,100 (Down 1.7% from January, virtually unchanged from last year)
Condos
- February Benchmark Price: $513,400 (Down 0.7% from January, up just under 2% from last year)
Market Trends and What They Mean for You
Price Stability
The composite benchmark price (which blends all asset classes) has been stable over the last 12-18 months. While prices haven’t surged, they also haven’t significantly dropped.
Sales Price vs. Listing Price
- Single-family homes: 97% of the final listing price
- Townhomes: 98%
- Condos: 97%
Buyer’s Market Conditions
- Single-family homes: 9.5 months of inventory (Buyer’s market)
- Townhomes: 8.3 months of inventory (Buyer’s market)
- Condos: 8.9 months of inventory (Buyer’s market)
What’s Next for Kelowna’s Real Estate Market?
Looking ahead, it seems likely that prices will remain steady through the spring. Interest rates are lower than they were a couple of years ago, and there are signs they could drop even further. If that happens, more buyers may enter the market. However, we’re still in a buyer’s market, meaning there isn’t immediate pressure on prices to rise.While prices don’t seem likely to drop significantly, they also aren’t skyrocketing. If you’re thinking of buying, now is a great time to take advantage of the increased inventory and negotiating power. If you’re selling, pricing your home correctly and having a solid marketing strategy is key to getting the best results.For more insights into the Kelowna Real Estate Market, check out the video: