Residence gross sales are falling, however costs are rising in Kelowna
Here’s a mystifying contrast that only seems to happen in Kelowna real estate.
The market has started to cool off with fewer sales, but house prices continue to rise, setting a new all-time record in May.
The latest figures from the 1,600-strong Association of Interior Estate Agents show sales in the region totaled 1,482 in May, up from 1,719 in April.
However, during the same period, the benchmark sales price of a single family home in Central Okanagan hit a record $ 901,600, a jump from $ 880,000.
Wile’s sales activity is well underway, prices continue to rise, setting a new record price of $ 901,600 for a single family home in May. This 2,500-square-foot, three-bedroom, three-bathroom home on Quail Crescent is for sale for $ 899,000. “Class =” img-responsive “src =” https://www.kelownanow.com/files/files/ images / % 24900% 2C000% 20house.JPG “style =” margin: 5px; “/>
KelownaNow first reported signs of cooling in mid-May when ReMax Kelowna’s real estate agent Rick Hamer-Jackson announced that buyers were taking a breather to avoid bidding wars for homes that were selling for $ 10,000 to $ 100,000 above List price lead.
Heizmann uses a corresponding driving analogy.
“We’re seeing a release of the accelerator pedal (of a car) that went past the speed limit to move at a reasonable pace now,” she said.
“The pressure is easing off slightly, which has a calming effect on a healthier market for both buyers and sellers.”
The average number of days a home is on the market before it is sold is 24, an indication that buyers can take their time, do their due diligence, and pay a fair price.
The record price trend also extends to townhouses and condos in Kelowna.
The average benchmark townhouse retail price in May was $ 621,800, up from $ 560,900 in April.
Also last month, the average benchmark condominium sales price was $ 455,400, down from $ 438,400.
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