June 2021 – How’s the market heading into summer?
In May 2021, we saw a 177.70% increase in residential property sales over the previous year, and our total listing inventory dropped by 48.06% to 1,243 total listings.
We also saw our overall average price jump 34.36% to $778,135! (all residential property categories combined).
The table below shows the breakdown on where the 772 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 28 days to sell a home, depending on the property type.
SINGLE FAMILY HOME MARKET UPDATE
The May numbers for the Single Family Home property category continued to impress! We saw a sales increase of 141.01%, which was coupled with a 52.98% decrease in inventory.
The average price for a Single Family Home in April increased to $997,541!
TOWNHOUSE MARKET UPDATE
The townhouse market is still going strong with a 58.84% reduction in inventory over last May and a large increase in sales: 124.07% over May of last year. The average sale price jumped up to $652,486 – an increase of 35.90% over last year.
CONDO MARKET UPDATE
The condo market has shown a HUGE increase in sales in comparison to this time last year, coupled with a decrease in inventory. The sales increased by 333.33% while the inventory decreased by 44.88%.
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 5 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 8.6 months of inventory whereas this year we are seeing only 1.6!! This means if no new properties were listed, in just under 7 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!