Kelowna Real Estate Market Stats - July 2018

(August 10, 2018 )

The Okanagan Mainline Real Estate Board (OMREB) reports residential sales across the region of Revelstoke to Peachland continued a downward trend with 742 sales - 23% lower than this time last year.

"The Okanagan continues to show signs of a Balanced Market this past month which typically exhibits housing supply and demand at the same level with home prices rising in line with the long-term average rate of inflation," states Grant Waidman, Kelowna REALTOR®.  

Despite this market transitioning period July’s average price held strong at $559,235, which is an 11% increase over this time last year with days on market also staying consistent.   
So where are these buyers coming from?  Based on data gathered by OMREB over the past 8 years the largest buyer group (consistently 50-60%) are local buyers from the region, with those from the Lower Mainland/Vancouver Island comprising the second largest buyer group (~20%).  Foreign buyers comprise less than 3% at any given time and those from other provinces are less than 15% (of which Albertans are around 10%, depending on the year). 

Kelowna Real Estate Market Statistics

Key Single Family Residential Market Stats for the Central Okanagan:
  • 492 new listings
  • 201 sold listings
  • 44 average days to sell
  • $782,398 average single family residential price  
If you are looking to buy in the Okanagan be sure to browse all the current listings and subscribe for new listing notifications at https://www.gwgkelowna.com/kelowna-homes-for-sale

If you are looking to sell in the Okanagan now is a great time!  Learn more on how GWG can help sell your home quicker and for more money at www.gwgkelowna.com/sell-with-gwg 

Kelowna Real Estate Market Statistics  Kelowna Real Estate Market Statistics

Kelowna Real Estate Market Statistics  Kelowna Real Estate Market Statistics