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!