Kelowna Real Estate Market News

Revenue Property Investors were busier buying in the Kelowna Real Estate Market during August than in the previous month.

The number of buyers from the Lower Mainland and Vancouver Island also remained at elevated levels.

Please read the full report below-:

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

First Time Buyer – 12.74%

Revenue Property Investor – 20.75%

Moving Up – 14.62%

Similar Property Type – 20.75%

Downsizing – 10.85%

Single-family Res to Strata – 4.25%

Recreational Property – 8.96%

Retirement Community – 1.89%

Strata to Single Family – 4.01%

Describe the Buyer (family dynamic):

Couple without children – 23.83%

Two Parent family /children – 31.54%

Empty nesters or retired – 20.33%

Single female – 10.75%

Single male – 9.81%

Single parent with children – 2.80%

Where did Buyer move from?

From within Association area – 46.28%

From Lower Mainland/Island –...

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September seemed to be a busier month for listing, and Fall definitely seemed to be in the air as we had some cooler than usual days.

As I look at the sales coming through, there is still plenty of evidence of multiple offers, but interestingly seeing a few more 'expired' listings than earlier in the year.

Kelowna & Central Okanagan Real Estate Sales September 2021.

September 2021 Kelowna Residential Real Estate sales numbers seemed to have held steady.

Compared to the last month-:

- Total Sales were up 1.3% last month.

- Single-Family Homes sales up 5.9%.

- Strata sales down 1.6%

Compared to last year -:

- Overall sales were down 27.9%

- Single-Family Home sales down 30.4%.

- Strata sales were down 18.4%.

In some sectors of the market, it is still a challenge due to lack of quality inventory and I have again been experiencing multiple offers.

There does, however, seem to be some evidence of a slowdown, with fewer Sellers looking at offers on a certain...

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In a nutshell, lack of inventory and Buyer exhaustion were two of the keys to understanding last month's activity in the Kelowna Real Estate Market.

Buyers are 'ready to write' in a variety price ranges, and they are struggling to find the right property, due to lack of choice.

Some buyers, have been looking for many months, have made & lost out in multiple offers, and are now exhausted with the process!

The biggest question being asked by buyers and sellers - 'are prices going to continue to rise'?

With inventory levels where they are, and the strong appetite for buyers to continue to move to this area, things seem to be set to continue the rising trend, despite some slowing in the Lower Mainland Market.

Influencing Factors -:

1. Are inventory levels starting to stablise?

2. Are the lower sales numbers just our usual summer 'Okanagan slow down', as buyers & sellers take a break for holidays?

3. In the Economy, inflation has been rising, is this just temporary, or is this a trend...

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While there are 'mutterings' of the Kelowna Real Estate Market slowing down, I have to say this is more to do with lack of suitable inventory than a 'market slowdown'!

I have been working with several buyers looking for Single-Family Homes & Townhomes, and we are racing to view new listings nearly every day, and anything we write on is in 'multiple offers'.

In the Academy Way area near the University, Condo listings offering vacant possession for September are becoming increasingly rare, and I understand that rentals are very hard to come by.

One Agent at my office reported over 100 showings on one of their more affordable home listings last week!

As Buyers get more desperate, we are also seeing properties where Sellers indicate they will look at offers on a certain day, suddenly receive 'bully offers'.

So what is a 'Bully Offer'? A Bully Offer is an offer to buy a property before the date the Seller has indicated they will accept offers. It is...

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The current Kelowna Real Estate Market is one of the hottest we have ever seen!

It is proving to be a stressful time, for many Buyers, as they view a home and find themselves bidding with 8 or 9 other parties, and then having to wrestle with whether they should go in 'subject free' to give them the best chance.

I've been involved in 'multiple offers', 'bully offers' and had no suitable product to show potential Buyers.

Understandably, some are becoming disillusioned and have given up for now, while others have sharpened their game plan and eventually been successful. 

Kelowna & Central Okanagan Real Estate Sales April 2021.

April 2021 Residential Real Estate sales numbers pegged back a little last month, but were way higher than this time last year when we were just beginning to see the impact of the Covid 19 pandemic.

Compared to the last month-:

- Total Sales were down 8.3% last month.

- Single-Family Homes sales down 3.6%.

- Strata sales down 10%

- Lots down 43.9%....

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There were fewer Revenue Property Buyers last month, but more buying similar properties and downsizing.

Local buyers continued to be busy in the MArket as well as Buyers from the Lower Mainland and Vancouver Island.

Please read the full report below.

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

First Time Buyer – 16.21% (16.67%)

Revenue Property Investor – 14.40% (18.99%)

Moving Up – 16.60% (16.46%)

Similar Property Type – 19.46% (14.35%)

Downsizing – 13.23% (10.97%)

Single-family Res to Strata – 4.41% (6.96%)

Recreational Property – 8.43% (9.28%)

Retirement Community – 1.56% (0.63%)

Strata to Single Family – 2.72% (2.74%)

Describe the Buyer (family dynamic):

Couple without children – 23.82% (24.79%)

Two Parent family /children – 27.27% (29.41%)
Empty nesters or retired – 20.10% (19.54%)
Single female – 12.42% (10.71%)
Single male – 11.52% (10.50%)
Single parent with children – 3.20%...

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