Kelowna Real Estate Market News

Vancouver, BC – October 14, 2020.

The British Columbia Real Estate Association (BCREA) reports that a total of 11,368 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2020, an increase of 63.3 per cent from September 2019. The average MLS® residential price in BC set a monthly record of $803,210, a 15.3 per cent increase from $696,647 recorded the previous year. Total sales dollar volume in August was $9.1 billion, an 88.3 per cent increase over 2019.

“The provincial housing market had a record-setting September,” said BCREA Chief Economist Brendon Ogmundson. “Both total sales and average prices were the highest ever for the month of September as pent-up demand from the spring pushes into the fall.”

“Average prices are skewing higher as demand for space during the pandemic drives sales of single-detached homes,” added Ogmundson. Total provincial active listings are still down about 12 per cent...

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Wow! What a whirlwind month for the Kelowna Real Estate market.

I very much doubt whether anybody could've predicted the level of activity we have been seeing over the last three months, and September was the busiest months yet.

Kelowna & Central Okanagan Real Estate Sales September 2020.

Sales numbers were impressive, across the board.

Compared to the last month-:

- Total Sales were up 13.6% last month.

- Single-Family Homes sales up 12.9%.

- Strata sales up 14%.

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

- Overall sales were up 85%

- Single-Family Home sales up 82.7%.

- Strata sales were up 88.5%.

Inventory Levels September 2020

Inventory levels are down in all main sectors -:

Total listings in the Central Okanagan are now 2,558 down from 2,822 last month and down from 3,138 last year.

Single Family & Bare Land Strata Residential 894 units down from 1,032 last month and down from 1,258 last year.

Condo - 644 units down from 668 units...

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