July 2021 – HOW’S THE MARKET This Summer?
In June 2021, we saw a 52.8% increase in residential property sales over the previous year, and our total listing inventory dropped by 52.73% to 1,202 total listings.
We also saw our overall average price jump 30.26% over last year to $793,203! (all residential property categories combined).
The table below shows the breakdown on where the 738 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 30 days to sell a home, depending on the property type.
SINGLE FAMILY HOME MARKET UPDATE
The June numbers for the Single Family Home property category continue to be very strong compared to last year. We saw a sales increase of 31.8%, which was coupled with a 54.3% decrease in inventory.
The average price for a Single Family Home in June was $996,331!
TOWNHOUSE MARKET UPDATE
The townhouse market is also still going strong with an increase in sales of 29.87% over last June and a 60.54% reduction in inventory. The average sale price jumped up to $632,326 – an increase of 26.05% over last year.
CONDO MARKET UPDATE
The condo market has more than doubled in sales in comparison to this time last year, coupled with a decrease in inventory. The sales increased by 113.40% while the inventory decreased by 55.13%.
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 6 months of 2021 have been going compared to the same time periods in the past 3 years. You will notice a big difference – in 2020 there were 5.3 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!