Welcome to June 2017 where house prices in the Okanagan have continued to hit record highs along with the temperatures. When we compare the average price of homes in the Okanagan from June 2017 to June 2016 we can see the following:
- Residential homes increased roughly 16.99%
- Mobile homes increased roughly 24.56%
- Condos went up around 6.39%
- Town-homes also went up about 12.56%
Prices Versus Inventory
Prices in the Okanagan continue to go up and inventory remains at an all time low. You might be waiting for the prices to come back down. You might be hoping the interest rates start going up and cause a "housing bubble" to pop so that you can buy up inventory for yourself.
However if we look at the data of sale prices versus inventory over the last 10 years (2007 to 2017) you can see that barring a huge spike in inventory or drastic economic, political or huge interest rate hikes; the prices of Okanagan homes are more likely to continue to rise for a while longer.
How To Predict Price Drops
The following information should NOT be used a investment advice but simply a guide to help in decisions you might make regarding real estate investment. The video below goes into detail about how to very accurately predict house price increase and drops based on inventory levels.
To learn more about Kelowna Real Estate or speak to some of the best Kelowna Realtors, visit our home page at https://bc-real-estate.com.