With summer in full swing the market continues to remain strong, however we have continually been seeing a decrease in sales over the last few months, resulting in an increase of inventory on the market.
To date, the inventory increase hasn't had much of an impact on prices, however if the trend continues we will likely start to see prices come down. Kelowna remains a vibrant and growing city, so demand will likley continue to remain strong.
Below are some key reasons why now might be a great time to start thinking about buying in the Okanagan.
More Choice: At the end of July there were 3,317 properties actively listed within the Central Okanagan. This number is 22.44% higher than that of July 2017, giving you more options to choose from.
Negotiation Power: Gone are the days you need to make a subject free offer over asking price. With a 43.70% list to sell ratio, buyers now have more bargaining power and are able to make a lower offer.
Longer Days on Market: The average days on market is sitting around 58 days, an increase of 18.6% over this time last year which gives you more time ot think and make an informed decission.
If you or someone you know if thinking of buying or selling please let us know and we would be happy to help!