Affordable Homes Leading The Way

Affordable Homes Leading The Way

May 25, 2019 | Finance, Local, Real Estate

The trend across most real estate markets in British Columbia all seem to be affected by the cooling housing market. Fortunately, one area that’s on the rise in recent months is our beautiful city Kelowna, particularly for properties valued in the $500,000 range.

Looking at last year’s track record, we’ve seen a 10 per cent increase in the sales of homes in that price bracket, compared to 2018. According to a blog by MCL Real Estate Group, 52 properties have already been sold in the first quarter of 2019. In many ways, we’re seeing a tale of two unique markets coexisting, yet experiencing the effects of a slower year in different ways.

On one hand, properties with a listing price around $500,000 are being snapped up on average within a 56 day period. On the other hand, homes worth more than $1,000,000 are being listed and sitting in limbo for as long as three months before being sold – a 42 per cent drop compared to last year, with only forty four $1,000,000 homes sold in the first quarter of 2019.

Although prices are expected drop over the next few years, now may be an opportune time to buy while the market is stabilizing.

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