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Market News - August 2021

SUMMERS END

The market cooled again in August, being the slowest sales month of the year. This statistic is a bit misleading and most likely the result of the record setting low inventory giving buyers such few options. For perspective, median residential prices have risen almost two hundred thousand since this time last year. With temperatures returning to normal, we will likely see a return to increased Okanagan Home sales in the coming months.

Download August 2021 Newsletter PDF

+24.40%

AVERAGE PRICE
Increase for sales in 2021 from this time last year.

30

DAYS TO SELL
64%(35 days) faster than this time last year.

$911,625

MEDIAN PRICE
for a single family home in the Okanagan.

Let's Chat

Brody Mader
250-899-1455
brody@okanaganlifestylegroup.com


Kaity Hemminger
250-869-4454
kaity@okanaganlifestylegroup.com

Suite 108 - 1289 Ellis St, Kelowna, BC V1Y 9X6

Supply and Demand


Why is the market so intense? According to the Association of Interior Realtors 43% of the market is coming from outside the Okanagan Region with a whopping 23% from the lower mainland. Given so few homes on the market it is no wonder prices have been driven upward.

Not intended to solicit properties currently listed for sale or individuals currently under contract. Sotheby’s International Realty Canada is Independently Owned And Operated.