Kelowna, BC – Despite a downward trend in home sales in Kelowna this August, Veteran Realtor, Andrew Smith of Royal Lepage says that it is still a seller’s market.
Smith recently provided a report on housing market trends for Kelowna for the month of August in which he shared that there were 205 residential sales in August. It might seem like a lot but August is usually the strongest months of the year for residential property sales in Kelowna. The average sales for the month of august are usually just under 300. This is a figure that has been quite steady since 2012.
Smith cited tightening of mortgage requirements as well as uncertainty about speculation tax in the upcoming provincial budget of possible reasons for the decline in house sales. He added that the spate of forest fires may have also had an impact.
But although house sales have seen a downward trend, the great news for sellers is that prices continue to increase. The average house price went up by $46,000 up from $719,000 at the same time last year. The upward trend has continued since 2016 when the average house price was $681,000.
Andrew boasts over 2 decades experience as a Real Estate Agent. He has been living in Kelowna since 1997 and knows the city inside out. He uses his knowledge of the area as well as his observation of market trends to help his clients make informed buying and selling choices.
One of his clients said: “Andy really understands the Kelowna market and he’s really good at determining neighbourhoods and where the market is going, so you know where the safe bets are.”
In his experience, Andrew says that Kelowna continues to be a preferred destination for those able to retire and those with the ability to create a job for themselves on their laptop. For home buyers waiting to see if house prices in Kelowna will fall, Smith said ““Kelowna always seems to defy gravity in terms of housing prices and with so much wealth around western Canada I can’t imagine prices falling below $700,000 ever again here.”
Needless to say, with statistics showing a continuous increase in Kelowna house prices now is also an opportune time for those contemplating a house purchase in Kelowna.
For further information or to engage Andrew’s expertise, visit: https://www.okanaganbc.com
or view him https://www.youtube.com/channel/UCO18hsPSfzIVf9DeJLkL6Iw
