Kelowna Real Estate Market News

The November 2019 Buyers Survey Results are now posted for the Kelowna Real Estate Market and Central Okanagan area.


First-time Buyers and Investors seemed to be busier again this month, and Empty Nesters / Retiree numbers were up.


Kelowna / West Kelowna area were nearly 9% busier this last month, whereas other areas in the Region have started to tail off as we head into Winter.


Please find the full summary below.


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


First Time Buyer –  22.18% (19.55%) 

Revenue Property Investor –  12.13% (9.29%) 

Moving Up – 17.99%  (20.51%)

Similar Property Type – 14.23% (16.67%)

Downsizing – 13.81% (13.46%)

Single Family Res to Strata – 5.44% (6.09%) 

Recreational Property – 7.11% (6.73%)

Retirement Community – 0% (1.60%) 

Strata to Single Family – 4.18% (3.53%) 


Describe the Buyer (family dynamic):

Couple...

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The British Columbia Real Estate Association (BCREA) reports that a total of 6,616 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in November, an increase of 27.5 per cent from the same month last year.


The average MLS® residential price in the province was $746,939, an increase of 5.5 per cent from November 2018. Total sales dollar volume was $4.94 billion, a 34.4 per cent increase from the same month last year. “After several months of strong gains, home sales are now firming around long-run averages,” said BCREA Chief Economist Brendon Ogmundson. “We expect 2020 will be a much more typical year for markets compared to the volatility of recent years.”


MLS® residential active listings in the province were down 6.6 per cent from November 2018 to 31,310 units, and down for a seventh straight month on a seasonally adjusted basis. Overall market conditions remain balanced with a sales-to-active-listings ratio of 21 per cent....

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In last month's report, I mentioned that the Kelowna Real Estate Market appeared to have been busier since the election. This has continued into November and I had one of the busiest late Fall months in some years.


It felt like serious Buyers had started looking again, and some of my Sellers were on the receiving end of some very aggressive offers.


My feeling is that we are in a more balanced Market now, and the Sellers are 'digging in their heels' and we may be turning the corner with our Real Estate Market.


I am sure there will still be some 'motivated Sellers' over the coming months, particularly if they have had their property on the market for a while, and I have seen the first 'Relocation Buyers', for this season, as some Employers opt to relocate their staff during the winter months.


My sense is we will have some continued Real Estate activity this Winter, which will outpace the sales numbers last year.



Kelowna & Central Okanagan Real Estate Sales November 2019.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Nov 19 389 197 156 18 18
  Oct 19 410 198 159 27 26
 

Sep 19

428 225 156 22 25
 

Aug 19

474 225 207 24 18
  Nov 18 300 148 112 21 19
...
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MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.