Kelowna Real Estate Market News


Wow, July has been and gone already! What a roller coaster month. 


The month started very busily for the Kelowna Real Estate Market and then things went a little quieter as there was a spike in Covid-19 cases in the area, following the  Canada Day weekend, which seemed to slow the number of people travelling to the area.


Towards the end of the month people seem to start looking again and the last weekend of the month, I saw an increase in people viewing online and also coming up to Kelowna to view.


This feels like it is going to continue into August.

Kelowna & Central Okanagan Real Estate Sales July 2020.



As you can see from these numbers sales have really bounced back very impressively, and Lot sales increased by 267%!

Compared to the last month-:

- Total Sales were up 43% last month.

- Single-Family Homes sales up 32%.

- Strata sales up 57%.

- Lot sales up 267%


Compared to last year sales numbers again showed a positive improvement.


- Overall sales were up 39%

- Single-Family...

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In the latest Okanagan Mainline Real Estate Board (OMREB) update the latest Buyers
Survey results show Revenue Investor Buyers were fewer last month while move-up Buyers and Buyers moving from Strata to Single-Family home buyers were up. This was backed up by the increase in Two-Parent Families with Children buying this month.


Interestingly there was quite a reduction in the number of buyers from Vancouver and the Lower Mainland, but an increase in buyers from Alberta and other areas of BC.


There was an increase in buyers in Salmon Arm and the Shuswap. Buying numbers were slightly up in Kelowna and West Kelowna, and down in Vernon and Coldstream.


Here is the full report -:


Best describe your most recent Buyer (moving to/from property type)


First Time Buyer – 20.82% (20.79%)

Revenue Property Investor – 5.91% (9.41%)

Moving Up – 20.57% (17.33%)

Similar Property Type – 19.54%. (18.81%)

Downsizing – 12.85% (11.88%)

Single family Res to Strata – 5.66%...

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Vancouver, BC – July 14, 2020.


The British Columbia Real Estate Association (BCREA) reports that a total of 8,166 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2020, an increase of 16.9 per cent from June 2019.


The average MLS® residential price in BC was $748,155, a 9.1 per cent increase from $685,968 recorded the previous year. Total sales dollar volume in June was $6.1 billion, a 27.5 per cent increase over 2019. “Sales around the province surged back to pre-COVID-19 levels in June,” said BCREA Chief Economist Brendon Ogmundson. “While there are some temporary factors that may have pushed demand forward, we are cautiously optimistic that market activity will remain firm.”


Although listings activity has normalized along with sales, active listings are still down close to 20 per cent year-over-year and, as a result, many markets are seeing upward pressure on prices.

Year-to-date, BC residential sales dollar...

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This report details the market performance of Real Estate in Quail Ridge & the University District during the last 6 months, based on MLS® listings & sales.


There are details for each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for the remainder of 2020.



Quail Ridge / University District Real Estate

January 1, 2020, to June 30, 2020.

Sales Numbers


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Dec

2020


35


9


15


11


0

 

Jan-Dec

2019


40


10


24


6


0

  Jan-Dec 2018


38


17


20

 

1


0


Highlight Summary for 6 Months Jan - Jun 2020 compared to 2019.

- Total MLS® Sales down 12.5%.

- 10% fall in Single Family Homes sales.

- 37.5% fall in Condos sales.

- 83% increase in Townhome Sales. 


Homes - under $750,000 overall had a good level of viewing activity and sold fairly quickly.


Town Home - several sales in Bella Sera, and the launch of the new Academy Ridge Town Home complex resulted in a significant rise...

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June was a much busier month in the Kelowna Real Estate Market, as we saw a gradual easing of travel restrictions and all parties adapting to social distancing guidelines.


Homes in the affordable housing market continued to show strong activity and well-priced homes saw a number of multiple offers.


The dramatic increase in sales in June was a reflection of the increased activity that started in May, and by the end of the month, sales had overtaken the numbers for this time last year.



Kelowna & Central Okanagan Real Estate Sales June 2020.




Compared to last month-:

- Total Sales were up 71% last month.

- Single-Family Homes sales up 88%.

- Strata sales up 58%.


Compared to last year sales numbers again showed a positive improvement.


- Overall sales were up 9%

- Single-Family Home sales up 18%.

- Strata sales were down 3%.


Inventory Levels June 2020

Inventory levels are up in all main sectors -:


Total listings in the Central Okanagan are now 3,049, up from 2,917 last month and down...

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The British Columbia Real Estate Association (BCREA) reports that a total of 4,518 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2020, a decline of 45.2 per cent from May 2019. The average MLS® residential price in BC was $728,898, a 3.2 per cent increase from $706,394 recorded the previous year. Total sales dollar volume in May was $3.3 billion, a 43.5 per cent decrease over 2019.


“There were encouraging signs of recovery in May,” said BCREA Chief Economist Brendon Ogmundson. “While activity is still far below normal, both sales and listings are up significantly from April’s lows.


” New listings activity started to normalize around the first week of May, reversing a slide in total active listings. However, active listings are still down close to 24 per cent year-over-year and are more than 10,000 listings below where they would normally be in the spring months.


Year-to-date, BC residential sales dollar volume...

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