Sales CRASH, Are Prices Next? | Kelowna Townhouse Market Update

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00:00 Kelowna's townhouse market has shifted dramatically: sales are down, prices have dropped, and listings have surged. In August 2024, the typical townhouse price was $723,000.
01:15 Townhouse prices have fallen 14% from their peak in March 2022. Prices are also down 7.8% from a year ago, but still up 35.5% over the past five years.
03:03 Sales were low in August 2024, with only 45 transactions, a 25% drop from 2023. Days to sell a home have increased to 69 days, factoring in cancelled and relisted properties.
05:27 The total number of townhouses on the market is 442, up 40% from last year, resulting in 10 months of inventory, double the amount in 2023.
06:04 Despite higher inventory and fewer buyers, interest rates are starting to come down, making it a potentially favorable time for buyers.
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The views and opinions presented here are exclusively those of James Roffel and do not represent those of REAL Broker or the AOIR. They should not be interpreted as professional advice or the foundation of an agency relationship. Before acting on any decisions based on the information provided in these videos, it is strongly advised that you consult with a professional advisor. The purpose of this communication is not to encourage or lead to the violation of any existing agency agreement. This content should not be considered as financial advice.
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