Kelowna Real Estate Market News

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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