In our ongoing analysis of the real estate market, we've noted a decrease in sales and an uptick in available inventory. How do these shifts affect your financial situation? This week, we delve into the Association of Interior Realtors' monthly statistics, comparing sales by area and benchmark pricing to the same timeframe last year.
While the overarching market shows signs of slowing, it's essential to recognize the existence of "mini markets" within it, each with its’ distinct dynamics.
This week's spotlight is on the age-old adage in real estate: location. We'll draw comparisons between sub-areas and their pricing trajectories over the past year.
The data underscores that not all regions perform alike.
In comparing current benchmark pricing to the previous year, a majority of Kelowna's regions have seen an increase in prices, particularly in Single Family homes. While the data pool of sales might limited compared to prior years, for single family homes, 22 of the 30 areas charted price growth, with only 7 marking an increase in actual sales. For those looking to sell, this suggests that even with fewer sales, property prices remain robust compared to last year. We'll be keeping a close eye on this trend in the upcoming months. Interestingly, despite a dip in sales and a burgeoning inventory, prices remain resilient. This anomaly, where supply overshadows demand, is evident in the current 11-month inventory span and not really what we would be expecting.
For Townhomes, 17 out of 28 areas saw an increase in prices while only 4 of the areas saw an uptick in sales. The hardest hit area was the apartments where all 18 of the areas saw price drops and only 2 of the 18 areas saw an increase in overall sales. Even with the drop in sales, the takeaway for single family and townhome owners is a glimmer of optimism. However, it's crucial to stay informed and not rest on one's laurels. Assess your specific needs and goals. As mentioned earlier there are “mini markets” within the overall market and each mini market has its own nuances which may or may not benefit you. If you have a set price in mind, gauge its viability. Whether you're aiming for a particular price or are flexible with waiting for the ideal offer, remember: real estate is a marathon, not a sprint. Understand your position, and you might unearth some golden opportunities. Want a tailored analysis of how these trends impact your property and/or what you are buying? Contact us today!(250-801-0361) for personalized no obligation insights and guidance.
Have a great week! Mark and Maddie
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