September was a fantastic month for the real estate market in Kelowna and the Central Okanagan Valley. The crisp autumn air is definitely upon us but it’s almost as if real estate is heating up. Our market tends to slow down month-to-month as we move closer towards the end of the year and while that is true as well for this year, September sales were up 11.54% compared to September 2018 and for single family homes we actually saw more transactions than we did in both 2018 and 2017!
The Kelowna real estate market started the second half of 2018 continuing this year’s pattern for lower sales and greater inventory compared to 2017. Once again, the word on the street is, it’s a balanced market. However, a change from the past few month’s consistency was seen in valuation and not in the direction many thought it would. Kelowna and the Central Okanagan saw record breaking valuations with the average overall residential sale price increasing by 6.1% and the average single family residential sale price increasing by 9%, which both represent the largest month-over-month valuation increases seen since March