The market is definitely settling into a bit of a slower market going into more of a winter mode. We now have the lowest level of inventory that we have seen in the past 10 years.;
August 2021 Real Estate Update
Dated: August 16 2021
It seems the smoke from the fires can’t stop the Buyers. I believe people know we live in such a great area and this is an unusual year with smoke and weather patterns. The market has slowed down a bit, but we still see multiple offers in various price ranges. We saw a 17 per cent dip in sales compared to last July. There is still a shortage of listings and more Buyers want to buy.
Kelowna’s Benchmark Price for single family homes is now $933,600.- up 31.5%
North Okanagan $666,700.- up 31.5% , and Shuswap areas $606,300.- up 33.3%
Please see the latest Statistics below for all areas as well as South Okanagan.
It will be interesting to see when this gap will change, a balanced market is with a similar amount of listings to the same amount of Buyers. Right now, we still have more buyers wanting to buy.
There are over 31 new home developments happening in Kelowna, a mixture of high-rise and low-rise. Approximately 1,502 units currently under construction. A record for new construction! A clear indication we will continue to grow. Lots of pre-sales are happening with fabulous designs with outdoor pools, views, large decks and proximity to downtown and beaches make them very desirable.
The condo medium price for new construction list price is $527.- per square foot.
Hopefully you are blessed to hang out with family and friends indoors away from the smoke.
Best wishes from all of us,
Annette and Team with Tara, Chad and Carolynn
Quote of the day: A beautiful day starts with a beautiful mindset.
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Move Okanagan Group – serving Kelowna – Lake Country – Vernon – Silver Star
Annette has been in Real Estate since 1994. Her determination to uphold a tradition of trust, integrity, and expertise has earned her a long list of satisfied clients who recommend her at every opp....