April 2022 – How’s The Start of the Spring Market Looking?
In March 2022, we saw a 29% decrease in residential property sales over the previous year, and our total listing inventory dropped by 10% to 1,037 listings in total. Average and median prices have continued to climb up monthly – currently the overall average price (all residential property categories combined) is 26% above last year, landing at $966,742. At this time we are still sitting in a strong sellers market with very low inventory levels.
The table below shows the breakdown on where the 641 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 27 days to sell a home, depending on the property type.
Single family home market update
In the Single Family Home bracket we saw a sales decrease of nearly 27% over March of last year. Although sales decreased, we are still sitting in a seller’s market when you couple that with the 14% decrease in inventory.
The average price for a Single Family Home in March continued to soar above the Million Dollar mark for the 9th month in a row, coming in at $1,281,050!
Townhouse Market Update
The townhouse market is also still going strong. A 44% reduction in inventory has led to townhomes making up only 12% of all available listings. The average sale price finished at $860,573 – an increase of 34% over the average from the same month last year, and up almost $100,000 from Februarys average price!
Condo market update
The condo market has seen a decrease in sales in comparison to this time last year. As with the other home categories we continue to see large decreases in inventory this year over last. The sales decreased by almost 25% while the inventory decreased by 34%!
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 third month of 2022 went compared to the same time periods in the previous 3 years. You will notice a small difference – in 2021 there were 1.3 months of inventory whereas this year we are seeing 1.6! This means if no new properties were listed, in just under 7 weeks, every home in Kelowna would be sold and there would be nothing left to buy!
What does all this mean? Is now the time to make a move? I would love to discuss what may be right for you – Please feel free to reach out any time!