Kelowna Real Estate Market News

This report details the market performance of Real Estate in Quail Ridge & the University District during the last 12 months, based on MLS® listings & sales.


You will find details of each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for 2020.



Quail Ridge / University District Real Estate

January 1, 2019, to December 31, 2019.


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Dec

2019


82


23


46


13


0

 

Jan-Dec

2018


76


26


47


2


1

  Jan-Dec 2017


117


15


68

 

32


2


Highlight Summary

- Total MLS® Sales up 7.9%.

- 1.5% fall in Single Family Homes sales.

- 2.1% fall in Condos sales.

- 650% increase in Townhome Sales. 


Homes - continued to be affected by the Mortgage Stress Test, and homes, (typically under $800,000) with suites or the potential for suites generally sold more easily than those without.


Town Home - numbers were boosted by an increase in sales in Bella Sera & there were 2 Sales in Fairway...

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First and foremost Happy New Year everyone!


2019 certainly seemed to have its ups and downs in the Kelowna Real Estate Market. The Mortgage Stress Test had a more far-reaching impact on our real estate market then we had imagined. It was only towards the end of the year we really started to see signs of recovery. For me, this was especially so after the Federal Election.


I had several Buyers looking over the Christmas period, and with inventory being lower it has been more difficult to find the right property, and as a result, many are still looking.


Kelowna & Central Okanagan Real Estate Sales December 2019.




Last month-:

- Total Sales were down 28% last month.

- Single-Family Homes sales down 30%

- Strata sales down 24%.


Compared to last year sales numbers continue to show a positive improvement.


- Overall sales were up 40%

- Single-Family Home sales up 29%.

- Strata sales were up 55%.


Overall, it is quite normal to see a dip in sales in our area at this time of year.


Inventory Levels...

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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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October seemed to start on a quieter note, but in the last 2 weeks the phones seem to have been a little busier and we have seen a few more showings.


I have been trying to decide whether this is a coincidence, or whether people have been waiting to see the results of the Federal Election.



Kelowna & Central Okanagan Real Estate Sales October 2019.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Oct 19 410 198 159 27 26
  Sep 19 428 225 156 22 25
 

Aug 19

474 225 207 24 18
 

Jul 19

525 254 225 15 31
  Oct 18 384 190 141 9 21

Last month-:

- Total Sales were down 4.2% last month.

- Single-Family Homes sales down 12%.

- Strata sales up 1.9%.


Compared to last year sales numbers continue to show a positive improvement.


- Overall sales were up 6.8%

- Single-Family Home sales up 4.2%

- Strata sales were up 12.8%.


Inventory Levels October 2019

Interestingly Single-family Home Inventory is currently up on last month, but both types of Strata inventory is falling...

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