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BackMarket Front - Kelowna real estate
The first nine months of 2004 have been very interesting and the Mayne team would like to take this opportunity to update you on what has been happening in the Kelowna real estate marketplace. Until recently it has been primarily a sellers market. Multiple offers above list price and quick turnovers are things that had become a common occurrence.
There has been a change in activity over the last several weeks. An increase in real estate listings and a decrease in buyer activity has produced an increased selling time and less activity per listing. This is generally due to the same amount or slightly fewer buyers being able to choose from a larger selection of listings. In general prices are holding steady. However if this trend continues it will lead to an eventual softening of the marketplace.
On most occasions we are still obtaining historically high prices on our listings although multiple offers are becoming more of a rarity and marketing activity and negotiations are taking longer.
Below is a table describing how the activity has been changing over the first half of 2004 in the Central Okanagan residential real estate market.
