The benchmark price for a single-family home in the Central Okanagan has now grown by $100,000 in two months.
“That’s due to the buyer demand and the amount of buyers that are offering on properties which is driving up the price,” said Kim Heizmann, Association of Interior Realtor’s president.
The Association of Interior Realtors said Okanagan real estate is still very much a seller’s market, however, many potential sellers are not listing due to extremely low inventory levels.
“Sellers continue to have concerns about putting their house on the market because there is nothing to purchase,” said Heizmann.
“The lack of inventory continues to be a struggle and if a brand new listing comes on and it’s priced well, they are going quickly.”
The benchmark price for a single-family home in the Central Okanagan is now listed at $880,000, a 31.3 -per cent increase from one year ago, and a $100,000 jump in two months.
In the North Okanagan, it has seen a 342.5 per cent increase in single family home sales from 2020, with a benchmark price of $617,000.
And for the South Okanagan, the benchmark price now sits at $489,900, an increase of nearly 19 per cent increase from 2020.
Steve Wright, a Kelowna real estate agent says, although some of the numbers are slowing a tiny bit – he doesnt see the market coming down soon.
“It is slowing a little bit but I think we still have some mojo left in the machine. It’s like the energizer bunny, it just keeps on going,” said Wright.
An interesting thing to note according to Wright, buyers from the lower mainland are still flocking to the area but also to areas which may seem similar to them.
“All these Vancouver buyers are seeking areas in Kelowna similar to where they are buying from,” said Wright.
“For example people from Surrey are buying in Rutland, North and South Vancouver to the North end in Kelowna and buyers from Kitsilano are buying in the Pandosy area, which we (realtors) effectively call ‘Pandalano’.”