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May 2021 Central Okanagan Real Estate Market Update

May 2021 – How’s the market this spring?

In April 2021, we saw a massive 326.96% increase in residential property sales over the previous year, and our total listing inventory dropped by 46.19% to 1,187 total listings. We are still in an extreme Seller’s Market.

We also saw our overall average price jump 33.70% to $766,581!! (all residential property categories combined).

The table below shows the breakdown on where the 871 total monthly sales came from, and shows the total inventory levels for each property category.

​On average, it is taking right around 33 days to sell a home, depending on the property type.

single family home Market update

​The April numbers for the Single Family Home property category were very impressive! We saw a sales increase of 294.06%, which was coupled with a 52.18% decrease in inventory.

The average price for a Single Family Home in April was $974,471!

Townhouse Market update

​The townhouse market posted another very strong month as well! With a 59.23% reduction in inventory over last April and a huge increase in sales: 217.50% over April of last year. The average sale price jumped up to $641,003 – an increase of 28.50% over last year.

condo market update

The condo market has shown a massive increase in sales in comparison to this time last year, coupled with a decrease in inventory. The sales increased by 572.97% while the inventory decreased by 36.08%.

Supply & Demand

The months of inventory levels are our best way to determine the strength or weakness of the market…and to recap our benchmarks:

Less than 4 Months of Inventory is a Seller’s Market

4 to 6 Months of Inventory is a Balanced Market

More than 6 Months of Inventory is a Buyer’s Market

We’ve been tracking the Months of Inventory – the graph below outlines how the first 4 months of 2021 have been going compared to the same time periods in the past 3 years. You will notice a huge difference – in 2020 there were 10.8 months of inventory whereas this year we are seeing only 1.4!! This means if no new properties were listed, in 6 weeks, every single house in Kelowna would be sold and there would be nothing left to buy!!

Is now the time to make a move? I would love to discuss what may be right for you in this crazy market. Please feel free to reach out any time!

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