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June 2021 Central Okanagan Real Estate Market Update

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!

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