Kelowna Real Estate Market News

At the beginning of August, it felt like everyone had gone on holiday, and general market activity was low.


Over the last couple of weeks, we have seen an uptick in online activity, showings and offers.


While Buyer offers remain predictably aggressive, for homes that are priced correctly for the current market, we are still seeing a reasonable level of activity, and I even got into a multiple-offer situation last week!


Interestingly, rising borrowing costs have seemed to affect higher price homes more, and I will be interested to see if this trend continues and whether buyers resign themselves to having to downsize their expectations, as interest rates rise further.


Kelowna and Okanagan Real Estate Sales August 2022

 

Compared to last month

Sellers will be pleased to hear that sales numbers were up across the board last month, with total sales increasing by 33.1%, Single-Family home sales up 32.8% and Strata by 31.4%


Compared to last year

Total sales were down 27.6%, Single-Family homes...
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At the risk of sounding like a broken record, last month's real estate market really wasn't for the faint-hearted buyer!


Yet again, we saw many properties going into multiple offers and we saw properties at times sell $100,000 and $200,000 over asking, which in the past has been unheard of here.


For example, a 5 bedroom home in Rutland South listed for $1099,000 selling for $1,240,000 –  $141,000 over the asking price, and in Kettle Valley a 3 bedroom Townhouse listed for $699,000 sold for $911,000 - $212,000 over the asking price!


Looking at the previous month's Buyer Survey results, it seemed that the number of first-time buyers looking was down, whereas revenue and move-up buyers were up.


The additional restrictions caused by the rise in the Omicron virus, and the difficulty with roads between the Lower Mainland and Kelowna, may have affected some Buyers being able to visit, but interestingly there was a modest increase in Alberta buyers.


There were also fewer buyers in the...

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When we look at the sales figures for the Kelowna Real Estate Market in January 2021 it will seem that the market is slowing. The reality, however, is that it is 'very hot' and it is the lack of inventory that is slowing the market.


I have heard many stories of multiple offers during the last month and buyers having nothing to view.


We are seeing quite a few properties come on the market now where the Seller will not look at offers for a couple of days after listing, as they were wanting to maximize the number of buyers bringing forth offers.


Kelowna & Central Okanagan Real Estate Sales January 2021.



January Residential Real Estate sales numbers were down again compared to December 2020, but continue to be up significantly compared to January 2020.


The current sales numbers are actually more to do with lack of inventory than Buyers looking to purchase.

Compared to the last month-:

- Total Sales were down 12.1% last month.

- Single-Family Homes sales down 12.5%.

- Strata sales down...

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August 2020 was another hot month for the Kelowna Real Estate Market!


Some Buyers experienced challenges gaining household insurance, due to the forest fires in Penticton, but happily, these have subsided now, and I have not heard of anyone having issues recently.


Demand for homes and townhomes was active throughout the month and after a slow start for Condos, we saw more activity towards the end of the month.


More parents and investors have been looking around the University area and they are looking to complete purchases, as late in the year as possible, ready for students hopefully starting school at UBCO, in January 2021.


Interestingly, I have also had a few more inquiries from Sellers looking to sell now, so I am anticipating seeing a few more listings coming on the market in the next little while, which will be unusual for this time of year.

Kelowna & Central Okanagan Real Estate Sales August 2020.



While sales numbers were not as high as July, they were still very impressive.

...
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