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Morgan: Multiple offer sale scenarios starting to occur
The Kelowna real estate market is really heating up, as sellers and buyers are feeling the pressure of the continued low inventory and escalating sales.
The sales statistics for April reflect the continued predicted increasing sale numbers, showing that single-family homes were up roughly 22 per cent over the same month last year.
For April, 262 properties were sold, up from 216 last year.
Condominiums faced an even more substantial jump as sales were up a whopping 53.33 per cent last month. Perhaps the days of the saturated condo market have ceased, with jump to 92 units sold in April from a mere 60 in 2013.
Townhome sales are also following the condo market trend, as April sales were up 47.17 per cent over last year, a difference of 78 properties sold compared to 53 the previous year.
Inventory in the Central Okanagan is still lagging behind as it appears a substantial number of potential sellers are still sitting on the fence, not sure if now is the best time to list their property.
Total inventory for single family homes has dipped to almost 20 per cent below last year’s numbers with a total of 1,302 properties currently on the market. Last year’s number for year-to-date reflected almost 1,600 properties listed on the MLS.
The condominium inventory also has also faced a depleting number of units on the market, currently standing at 683 listed on the MLS compared to 807 at this point last year. With inventory remaining low and sales continuing to increase, buyers are starting to feel the pressure from reduced options, curtailing their time spent waiting to “pull the trigger” with an offer on a house. That is also leading to a re-occurrence of the multiple offer scenario that was prevalent during the boom years in the Central Okanagan housing market between 2002 and 2008.
Although this article is about current real estate market stats, let me add there is always more to a real estate transaction than just buying or selling a house.
While you can purchase a home and fill it with material items, it takes something more than that to make a house have the warmth of being your family home.
And on a final note, with Sunday being Mother’s Day, let me salute my mom, a courageous woman who is loved and valued every day.