Kelowna Real Estate Market News

When we look at the Buyers Survey Results for Kelowna and the Central Okanagan, for July 2019, we see fewer people relocated to the area, more people moved up in their purchase, fewer 'local people' moved but there were a few more buyers from Alberta.

To view the full details from the Okanagan Mainline Real Estate Board (OMREB)- see below-:

Property Type: Buyer Type (Family Dynamic):

18.29% First Time Purchase (down from 18.95% in June)

16.81% Move Up Purchase (up from 14.71%)

16.81% Relocating to Similar Property Type (down from 21.24%)

13.27% Revenue/Investment (up from 10.46%)

15.04% Downsizing (down from 15.69%)

5.01% Moving from Single-family Home to Strata Unit (down from 5.23%)

2.65% Moving from Strata to Single Family Home (down from 3.59%)

7.67% Recreational Property (up from 5.88%)

0.59% Retirement Home/Seniors Community (down from 4.58%)

Buyer Type (Family Dynamic):

28.57% Two Parent family with children (up from 28.43% in June)

21.57% Couple without children (down from 22.22%)...

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The BC Real Estate Association figures are now out for July 2019.

As you can see from the Graph sales were up and listings were down, for the first time in a while.

It will be interesting to see if this is an anomaly, as July is often a quieter month in Kelowna and the Okanagan Valley, or whether Buyers are genuinely coming to terms with the more stringent Lending Rules that have been holding them back for the last year - 18 months.

The British Columbia Real Estate Association (BCREA) reports that a total of 7,930 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, an increase of 12.4 percent from the same month last year. The average MLS® residential price in the province was $684,497, a decline of 1.6 percent from July 2018. Total sales dollar volume was $5.43 billion, a 10.5 percent increase from the same month last year.

“BC home sales climbed higher for the first time in 18 months on a year-over-year basis in July,” said BCREA...

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Summer is now in full swing in the Okanagan, and locals and Tourists alike are enjoying the things we are most famous for - sunny Lakeshore days, Boating, Hiking, Biking, Golf, Cherries, Peaches, and Wine!

As summer was a little later in arriving this year, I am guessing that we are going to see subdued Real Estate activity throughout the valley during August, except in the more 'affordable' housing market.

When you take a quick 'glance' at our Kelowna Real Estate Inventory, you will see numbers continue to be on the higher side, but when you are actually looking for something specific, there have been several times where it has been tricky to find!

Depending on which price point, type of property and location that you are looking for your buying and selling experience can be very different. One size certainly does not fit all at the moment!

The Median Days on Market for a Kelowna Single-family home, for instance, in the $400,000 to $600,000 range has been 30 days, and with 'due diligence'...

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