Stats show now is a great time to list your home

If you’re considering selling your Kelowna home, now is a fantastic time to list.

Recent numbers from the Okanagan Mainline Real Estate Board show that inventory is much lower than the same time last year. This decrease in inventory is leading to an increase in the price of property in the Central Okanagan. After all, it’s simple supply and demand.

The numbers from OMREB show that the active listings in the Central Okanagan totalled just 1,951 for January 2017. By way of comparison, in January 2016, there were 2,572 active listings in the Central Okanagan. That means there’s been a decrease of 24.14 per cent from January 2016 to January 2017.

In addition, in January 2017, Kelowna homes sold for an increase of 17.87 per cent over the same month last year, while the numbers also revealed that the average number of days on market for residential properties was 65.

In January 2016, the median price for residential Kelowna homes was $488,500. However, in the 12 months since, the figure has risen by 12.59 per cent, making the median price $550,000 in January 2017.

So what does this mean for consumers? In short, this makes it a sellers’ market. If you’re thinking about listing your property, right about now is a very appealing time. Anecdotally, many people decide to wait for spring, but I would advise listing as soon as possible.

Of course, the real estate market is an ever-changing beast and with a substantial amount of building permits being issued in Kelowna in 2016, we’re going to see a large amount of inventory come online over the next months and years as well. Again, I reiterate, if you’re thinking about selling, I wouldn’t wait.

For buyers, I would advise hiring a highly qualified agent. I would always advise working with the best, but this is especially important when inventory is low. If you’re shopping in this market, you need the right person in your corner.

If you have questions about the Kelowna real estate market or if you’d like a free home evaluation before you choose to list your home, please give me a call at 250-764-4344. My team and I would be honoured to serve you.

Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate. His organization runs KelownaProperties.com — Kelowna’s most comprehensive real estate search tool. Walker Real Estate specializes in retirement properties, and you can contact their office at 250.764.4344. His column appears here every two weeks.