3 April 2024

Kelowna & the Central Okanagan Real Estate Market Report | April 2024 Edition

Hey everyone, welcome back to another real estate market update for Kelowna & the Central Okanagan this time reviewing the stats for March, 2024. As we dive into the latest findings, it’s clear that the Spring Market is well underway, with signs of activity beginning to heat up across the region.

Market Activity:

  • Sales: In the past month, we’ve seen a notable surge in sales, reaching 334 transactions. This represents a robust 19.8% increase from the previous month. While this is still down by 24.24% compared to last year, the momentum is building, indicating a positive trajectory for the market.
  • Absorption Rate: The absorption rate has climbed to 9.9%, maintaining the status of a buyer’s market. However, this slight uptick suggests growing demand and a potential shift in market dynamics in the coming months.
  • Average Sales Price: Despite the increase in sales volume, the average sales price for real estate has dipped by 5.21% from last year, settling at $724,222. This decline may present opportunities for buyers seeking more affordable options in the market.
  • List-to-Sell Ratio: Encouragingly, the list-to-sell ratio has improved to 97.04%, indicating a strengthening seller’s position in negotiations.
  • Property Types: Condos have seen a modest increase in average price by 2.67%, while townhouses have also experienced a slight uptick of 4.22%. The average price of a single-family home has dipped below the million-dollar mark, down 4.21% from last month to $989,284.
  • Days on Market: Properties are spending an average of 63 days on the market, a slight decrease from the previous month but still up marginally from this time last year.
  • Listings saw an increase from last month and a surge from this time last year of 27.1% with 3,372 current active listings.

Economic Indicators:

  • Inflation Rate: The inflation rate has decreased slightly to 2.78%, indicating stable economic conditions.
  • Interest Rate Outlook: Looking ahead, the next Bank of Canada interest rate announcement is scheduled for April 10th, 2024. Experts predict no change, with anticipation mounting for potential rate cuts in June. This forecast bodes well for a strong market throughout the spring and into the summer months.

 

As the Spring Market gains momentum in the Okanagan, we anticipate continued growth and increased activity across the board in the coming months. Check out the video version of my market report and associated stats to go along with it. Whether you’re considering buying or selling, now is a great time to explore your options in the market. As always, I’m always here to help and I’m never too busy for your referrals!

 

Market stats
Enjoy!
Uncategorized 9 February 2024

Kelowna & Central Okanagan Real Estate Market Update | February 2024 Edition

Hey Everybody!

I’m thrilled to be back with another real estate market report for Kelowna and the Central Okanagan, diving into the latest stats for January 2024. Let’s take a closer look at what’s been happening in our vibrant market.

Market Overview

As anticipated, the market has begun to regain momentum after a period of adjustment. Inflation in Canada has seen a slight uptick, reaching 3.40%. In response, the Bank of Canada has maintained interest rates at 5%, with experts predicting potential rate cuts in April.

Sales Performance

In the Central Okanagan, absorption rates have held steady at 8.3%, indicating a healthy level of activity. January saw a surge in sales, with 218 transactions recorded. This marks a 9.6% increase from December and an impressive 25.2% surge compared to the same period last year.

Pricing Trends

Notably, the overall average sales price has risen by nearly 4% to $741,685. However, condos, townhouses, and single-family homes have seen minimal fluctuations in their average prices over the last month.

Listing Activity

Listing activity has seen a substantial increase of nearly 20% compared to last year, with a current count of 2,602 listings. Properties are spending an average of 75 days on the market, representing a 7.4% decrease from the previous year.

Market Outlook

As mentioned in our previous report, the market likely reached its low point in December or January. As we transition into 2024, signs of improvement are already evident, with this trend expected to amplify as we approach the bustling Okanagan Spring Market.

For those considering real estate transactions, acting swiftly before an increase in competition floods the market may be advantageous for both buyers and sellers.

If you prefer a visual overview of these stats, be sure to check out my full video breakdown below. And as always, if you have any questions or need assistance navigating the market, don’t hesitate to reach out.

Feb stats

Whether you’re buying, selling, or simply curious about the market, staying informed is key. Make sure to watch my latest YouTube videos where I break down the buying and selling process into 10 simple steps each.

Thank you for tuning in to this month’s market update, and I look forward to assisting you with all your real estate needs in 2024!

 

If you have any questions or need assistance with your real estate journey, feel free to contact me anytime.