Wallet size of Kelowna area buyers YTD

Again and again you hear that Kelowna area housing market is  in favor of buyers. What does that mean?  A buyer's market is simply a market which has more sellers than buyers.  Low prices result from this excess of supply over demand and also known as a soft market ~ the opposite of seller's market that the Kelowna area had a run with from about 2003 to 2007.

Today buyers have 2,767 Kelowna properties and 1,144 in West Kelowna to choose according to Okanagan Mainline Real Estate Board (OMREB).  OMREB monthly Buyer Survey shows this year so far that folks already living within the Boards area which includes the Shuswap / Revelstoke, North Okanagan (Vernon area) and Central Okanagan (Kelowna area) are the infuencers of Okanagan's market.  Furthermore today's buyers purchases are mostly move-ups so-to-speak and next is first-time buyers.  In addition Kelowna and West Kelowna are Buyer's preference to buy into for location.

Up to June 15th this year 790 homes have sold in Kelowna and West Kelowna.  71.6% of the home sales are in Kelowna with the balance in West Kelowna, 28.25%.  Another interesting fact is Kelowna and West Kelowna  busiest buyer's wallet size for a home is under half a million dollars!

Have a look at the graphs below showing the percentages of house sale activity in each price range.

KELOWNA SINGLE FAMILY RESIDENTIAL SALE ACTIVITY

WEST KELOWNA SINGLE FAMILY RESIDENTIAL

For more check out "Close look at housing activity' CLICK HERE