Kelowna Real Estate Market News


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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Move-Up Buyers & Buyers purchasing similar Properties were busier last month. Whereas First Time Buyers and Downsizing Buyers were not as busy. There was an increase in buyers from the Lower Mainland, as Covid-19 restrictions eased & Buyers in the Vernon area were busier with fewer Buyers in the Kelowna area according to the  Buyer Survey Results for the Kelowna and Central Okanagan Real Estate Market area during May 2020.


Here is the full report -:


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


First Time Buyer – 20.79% (25.00%)

Revenue Property Investor – 9.41% (7.58%)

Moving Up – 17.33% (14.39%)

Similar Property Type – 18.81% (9.85%)

Downsizing – 11.88% (22.73%)

Single family Res to Strata – 1.98% (3.03%)

Recreational Property – 7.43% (4.55%)

Retirement Community – 3.47% (2.27%)

Strata to Single Family – 1.49% (3.79%)


Describe the Buyer (family dynamic):


Couple without children – 28.71% (21.37%)...

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The May 2020 Kelowna Real Estate Market was surprisingly more active than I had expected it to be. We still saw people who needed to buy and sell, and as BC came out of its first phase of lockdown I certainly saw more requests for showings.


Two of my new listings saw offers within 1- 4 days of listing!


This last weekend was much busier with Buyers viewing.


Kelowna Real Estate Sales May 2020.



Real Estate sales were up 38.1% compared to April but still 25% below the numbers we saw in March, and nearly 44% down on this time last year. Again, this is to be expected, and we really don't need to read too much into these numbers.


Really, June 2020 numbers will be more of a benchmark on how things are starting to recover.


Kelowna Real Estate Inventory Levels May 2020


Inventory numbers continue to rise, which is normal for this time of year as, but remain down on the numbers this time last year.


This is one of the indicators I continue to watch, and at the moment I am not seeing these numbers causing...

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First Time Buyers and Two-Parent Families were busier, and more Buyers were Buying in the Kelowna / West Kelowna area according to this latest month's Buyer Survey Results for the Kelowna and Central Okanagan Real Estate Market area during April 2020.


Here is the full report -:


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


First Time Buyer – 25.00% (19.28%)

Revenue Property Investor – 7.58% (7.63%)

Moving Up – 14.39% (21.69%)

Similar Property Type – 9.85% (18.47%)

Downsizing – 22.73% (16.87%)

Single family Res to Strata – 3.03% (4,42%)

Recreational Property – 4.55% ( 2.41%)

Retirement Community – 2.27% (3.61%)

Strata to Single Family – 3.79% (4.02%)


Describe the Buyer (family dynamic):


Couple without children – 21.37% (25.6%)

Two Parent family/children – 31.30% (21.2%)

Empty nesters or retired – 17.56% (23.2%)

Single female – 17.56% (13.6%)

Single male – 12.21% (12.4%)

Single parent...

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