Analyzing June's Kelowna Real Estate Market: Seasonal Trends or Market Shift?
Sales Dip in June: Market or Seasonality?
This June, we observed a noticeable dip in sales across the Kelowna real estate market compared to May. It's tempting to attribute this decline to market conditions, but could it be a seasonal trend?
Key Sales Statistics for June
- Total Sales: 404
- Monthly Drop: 10% decrease from May
- 10-Year Average Comparison: 31% below the average of 592 sales
The significant drop raises questions: is this the new normal, or merely a seasonal fluctuation?
Seasonal Trends in the Okanagan
June often sees a slowdown in the Okanagan as families wrap up school and spring activities. Historically, there's a 3.5% average drop in sales from May to June over the past 10 years. Adjusting for this typical seasonal dip, sales were 6.5% lower this year than the 10-year average for May to June.
Comparing Year-to-Year Changes
- 2023: 9% overall drop from May to June, accounting for seasonality.
- 2022: A significant anomaly with a 31% drop.
- 2021: One of the hottest markets, with a 4% drop, close to the 10-year average.
- 2020: An increase of 68% in June compared to May, due to lifted restrictions.
Excluding 2020’s anomaly, the average change in overall sales is about 93%. This indicates the market is off by 2.5% seasonally but down 32% compared to the 10-year average.
Impact on Home Prices
Despite higher inventory and lower sales, average prices have remained consistent. The average sold price for single-family homes in June was $1,154,000, just $14,000 lower than last year's average. However, it’s down from $1,229,000 in 2022, offering better opportunities for home buyers.
Looking Ahead
As we move forward, we will continue to analyze sales trends and consumer behaviors, especially with a rate announcement scheduled for July 24th. Stay tuned for our forecasts as we head into August.
Are you curious about how these trends might affect your buying or selling a property in Kelowna, BC? Contact the Selling Kelowna Real Estate Group today at 778-744-0872 for personalized expert advice and insights into navigating the Kelowna real estate market.
Key Statistics for June 2024
Total Sales (All Properties)
- Sales: 404
- New Listings: 1,296
- Current Inventory: 3,900
- Median Days to Sell: 43
- Average Days to Sell: 57
- Months of Inventory: 10
- Median Sale Price: $760,000
- Average Sale Price: $837,777
- Total Volume: $338,461,745
Single Family
Sales: 197
New Listings: 662
Current Inventory: 1,895
Median Days to Sell: 38
Average Days to Sell: 51
Months of Inventory: 10
Median Sale Price: $990,000
Average Sale Price: $1,154,771
Total Volume: $227,489,835
CLICK HERE FOR SINGLE FAMILY SALES
Townhome Sales
Sales: 58
New Listings: 176
Current Inventory: 450
Median Days to Sell: 34
Average Days to Sell: 46
Months of Inventory: 8
Median Sale Price: $710,000
Average Sale Price: $701,298
Total Volume: $40,675,300
Apartment Sales
Sales: 98
New Listings: 274
Current Inventory: 802
Median Days to Sell: 51
Average Days to Sell: 55
Months of Inventory: 8
Median Sale Price: $442,000
Average Sale Price: $452,513
Total Volume: $44,346,250
CLICK HERE FOR APARTMENT SALES
Are you considering how these trends might impact your buying or selling properties in Kelowna? Contact the Selling Kelowna Real Estate Group today at 778-744-0872 for expert guidance and to explore your options in the current market.
Mark Coons, BBA, CE
Personal Real Estate Corporation
Cofounder Selling Kelowna Real Estate Group
778-744-0872
