Should You Buy or Sell a Home in Kelowna in 2024?
Are you stuck trying to decide if 2024 is the right time to buy or sell a home in Kelowna? You’re not alone! The real estate market can be confusing, especially when it’s constantly shifting. Let’s dive into the latest August statistics and talk about what that means for anyone looking to buy a house in Kelowna or considering home sales in Kelowna.
August 2024 Real Estate Market Stats
In August, we saw a slowdown in home sales. In fact, there were 100 fewer sales compared to July. But at the same time, we also had fewer listings. Even with the drop in sales and listings, there’s still 12 months of inventory on the market, which means there are homes available, but not as many as before.
Looking over the last 10 years, we’ve seen a lot of ups and downs. Right now, the number of homes for sale is higher than it was 10 years ago, but it’s starting to drop. This trend is important if you’re thinking about buying a house in Kelowna. Fewer homes for sale mean less choice, but it could also mean better deals.
Why Less Inventory Matters
For anyone looking at home sales in Kelowna, it’s important to know that inventory is decreasing. Since July, over 110 homes have been sold, and we’re seeing fewer new homes coming onto the market. Typically, inventory goes down as we move into the colder months, and this year is no exception.
If you’re planning to sell, the good news is that fewer homes on the market mean less competition. This could make it easier to sell your home at a good price. If you’re buying, keep in mind that fewer options are available, but there’s still room to negotiate.
What About 2025?
The British Columbia Real Estate Association (BCREA) is predicting a 2.8% price increase for homes in the Central Okanagan in 2025. This follows a slight decrease expected in 2024. So, if you’re looking to buy a house in Kelowna, you might want to act sooner rather than later. Waiting until 2025 could mean paying more.
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Should You Buy Now or Wait?
It’s hard to predict the future, but based on current trends, now might be a good time to buy or sell. Interest rates are expected to drop slightly, which could boost consumer confidence and drive more activity in the market. If you buy now, you’ll likely face less competition from other buyers, which could give you more bargaining power.
However, spring 2025 could bring more homes onto the market—and more buyers. So, if you wait, you may have more options, but you’ll also face more competition.
Final Thoughts
Whether you’re buying or selling, the Kelowna real estate market still has opportunities. There’s no crystal ball to predict exactly what will happen, but if you’re ready to make a move, now could be a great time. If you have questions or need help navigating the market, don’t hesitate to reach out. Our team at Selling Kelowna Real Estate Group is here to guide you through the process.
Thinking about home sales in Kelowna or ready to buy a house in Kelowna? Let’s chat and explore your options!
Mark- 778-744-0872
