Kelowna Real Estate Market Hot!

by Jas Khunkhun

The real estate market in the Okanagan is running parallel to the weather – hot, hot, hot.

Sales activity of all MLS properties throughout the Okanagan in June was the strongest it has been in eight years.

According to the Okanagan Mainline Real Estate Board, sales in June were up five per cent compared to the same month a year ago, while year-to-date sales are up eight per cent over the first six months of 2014.

The province’s robust economy, population growth and reinvigorated consumer confidence are seen as key contributors as the real estate market bounces back to 2007 sales levels.

“Strong consumer demand in the Okanagan-Shuswap has pushed home sales to an eight-year high and reduced days to sell to 72 days on average compared with 94 last year at this time,” said OMREB president Christopher Miller.

“Well-positioned and well-presented homes are continuing to sell quickly in the OMREB market. The robust demand is keeping inventories in check, with some segments experiencing relative shortages and sellers’ market conditions, particularly the lower priced detached units.”

To date a majority of buyers are families moving up or empty nesters and retirees who are downsizing. Most buyers (60 per cent) are within the board area while 15 per cent are from Alberta and 10 per cent from the Lower Mainland and Vancouver Island.

Single family sales are up eight per cent in the Central Okanagan compared with last year and up 13 per cent over the first six months of 2014 while in the Shuswap, single family home sales are up nine per cent over last year and 17 per cent over the first six months of 2014.

The only area to see a decline in sales was the North Okanagan. That region saw a 12 per cent dip in single family sales compared with June a year ago and a nine per cent decline in year-to-date sales.

A spike in sales a year ago when the North Okanagan outpaced other markets may have attributed to the current lack of product and demand.


Jas Khunkhun Experience = Results

My family has been living in Kelowna since the 1980’s.

This is really important for you as a buyer when selecting the various neighborhoods in Kelowna or the amenities they provide nearby; as a seller it is equally important to make sure you're getting the best price for your home.

I have done just about every real estate deal possible with Kelowna real estate alongside my clients. Majority of my clients are home buyers.  But I also have helped my clients to purchase  rental properties,  commercial land and buildings, farms and even helped clients with purchasing rent to own properties.   I have lots of experience in new home construction as well. I am also affiliated with an amazing group of realtors at Sage Executive Group Real Estate. We are not a franchise, but locally born and 60 plus members strong. I now enjoy helping my clients with all of their real estate needs.

I speak English and Punjabi fluently.  My team is multi-lingual and have members that also speak Hindi and Mandarin .