The Kelowna real estate market still remains a buyers market, but the question is for how long?
With the June housing for sale inventory reflecting a declining number from the previous month compared to this same point last year, some are now wondering if the pendulum will finally swing back to the seller’s side?
In June, 411 single family homes came onto the market, that’s down 6.8 per cent from this time last year with 441 new single family homes.
The total of 1,578 active homes on the market in the Central Okanagan, once again down from June 2012 by 11.10 per cent at 1,775.
Condominiums also took a large hit diminishing 14.38 per cent from 160 new active units on the market in 2012, compared to 137 for June 2013.
Currently on the market is about 871 active condo listings, once again a declining number from 977 condos in last years inventory.
Townhomes available also faced a similar situation of a decline of 26.40 per cent from 125 new active listings in June of last year to a mere 137. Total inventory for the Central Okanagan for townhomes declined 19.26 per cent.
When comparing inventory from May to June, all three categories took a tumble as the numbers for June didn’t reflect the expected jump in new product as history with the previous years has shown us.
Low inventory is partially due to the weather heating up and the market following suit. Last month, single family home sales experienced a substantial increase of 25.12 per cent when compared to June 2012, up from 203 to 254.
Condominiums were down slightly, 72 units sold last month reflecting a decrease of 8.86 per cent from 79 sold units in June 2012.
Townhouses sales declined as well for June by 17.46 per cent from 63 properties sold this time last year to 52 sales.
Still overall sales for the Central Okanagan were up 12.59 per cent.
As we are starting to see an increase in sales one has to wonder just for how long this active market will remain in play.
Buyers are starting to exhaust what housing inventory is out there, experiencing the pressure of fewer properties to choose from coupled with higher competition among buyers for fewer available options.