Remember good old Henny Penny who was convinced the sky was falling?? If you are listening to the “buzz on the street” you would think that the Real Estate sky is falling throughout the Okanagan. Statistics point to no such thing!!
Have sales slowed? Yes! They are down 19% YTD in the both the Central and North Okanagan. Listing inventory is starting to climb in the Kelowna area, up 6%, while the North Okanagan’s listing inventory is only up 0.74% for the year. Something to note, is that June inventory is up 4.26% over June of last year. Then again, overall inventories for both regions are still well below historical averages and median and average prices are holding steady for both areas.
What does that all mean? Perhaps a more balanced market! Perhaps a slight downward pressure on pricing with an end to the fast and furious price hikes we have experienced over the past couple of years. Back to the days where and seller can list their house and not panic that there won’t be anything available for them to buy once it sells. Back to the days where buyers don’t have to drop everything to go see a new listing that JUST hit the market – and compete with several others in a bidding war just to buy a house. From our perspective, the sky is not falling….its opening up and the sun is starting to shine!
If you were thinking about listing your home: Average days to sell 86 for North Okanagan and 60 for Central Okanagan. The higher end price ranges typically take a little longer. So make your plans accordingly.