You may assume that the holiday season would be slow in Kelowna for real estate sales, however it was not the case for December 2013.
Kelowna real estate sales saw an increase of +45% for single family homes in Kelowna for the month of December and a decrease in listings of -21%. We saw the second highest increase in Kelowna home sales behind September of this year, which was +61% increase.
Listing inventory was also down in December by -17%, which follows the consistent trend for all of 2013.
The common trend for all of 2013 was an increase in sales and a decrease in listings, leading us into what is now a looking a lot like a balanced market. On an even more positive note, this trend is not restricted to Single Family Homes, we have see the same trend for apartments, townhomes and lots in Kelowna. As supply and demand dictates will gradually switch from a balanced market to a Sellers market, however don’t expect drastic changes in the Kelowna market for 2014, but you will see more and more positive changes ahead.
If you are a Buyer looking to purchase a home in Kelowna, now is the time to do it! Waiting until spring means that you will have more competition with other buyers and may not be able to negotiate as good of a deal.
If you are looking to Sell this year, listing now may be a good option for you as the buyers who are currently in the market have been faced with low inventory and are ready to buy with cash in hand. If you wait until spring you may waste more time and money getting your yard looking good and be bombarded with showings from buyers who are just shopping around instead cash in hand and to pull the trigger.
If you are thinking of buying or selling in Kelowna give me a call today.
Tiffany Munsey
778-214-4843
