Market Update

RE/MAX Kelowna November Real Estate Review

Although the MLS System was not cooperative when our office attempted to publish Statistics in the attached Newsletter, I recently had success gathering some numbers from the Interior Realtor Association’s data for the month of November 2023:

Total Sales Year Over Year (YOY) are down 4.87%

Listings are Up 29.79% YOY for November, as are Total Listings Up 28.51%. This surplus in listings plus the hangover from the wild fires, weak consumer confidence due to high interest rates and the recent announcement of changes to short term rentals has caused a bit of a ‘Wait and see’ atmosphere in the Kelowna real estate market. 

Buyers seem to be wondering if prices will decline much further.

In my opinion, the drop has occurred and will level out now through February, with a return to increased Sales volumes and prices in the Spring.

With economists calling for mortgage rates to start to decline by the end of the 2nd Quarter of 2024, I forecast good sale prices again come May/June of 2024!

For now, Buyers who are not heavily reliant on mortgage loans can enjoy a ‘Buyer-ish Market’ and grab some deals that haven’t been seen in almost 2 years.

The Average Single Family Home seems to be holding steady North of a million dollars! We are selling a similar amount to last year (YTD), but, the total number of sales for the month over last November is down by 10.71%.

Please do not hesitate to call to discuss purchasing and/or selling strategies!

Free Evaluations and complimentary planning sessions available!