Kelowna Real Estate Market News

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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First-time Buyers, Revenue Investors and Move-Up Buyers were all busier this month. It will be interesting to see if that is an indicator that the effects of the Mortgage Stress Test are now easing.


Fewer local people bought last month - probably enjoying the summer holidays, whereas there were move Buyers from the Lower Mainland.


As far as areas go, Kelowna was a little busier, whereas fewer Buyers bought in the Vernon and Coldstream area.


Please find the full summary below.


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


First Time Buyer – 21.60% (18.29%)

Revenue Property Investor – 11.24% (13.27%)

Moving Up – 13.61% ( 16.81%)

Similar Property Type – 20.41% (16.81%)

Downsizing – 14.50% (15.04%)

Single family Res to Strata – 3.25% (5.01%)

Recreational Property – 7.69% (7.67%)

Retirement Community – 1.48% (0.59%)

Strata to Single Family – 3.25% ( 2.65%)



Describe the Buyer (family dynamic):


Couple without children ...

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August 2019 was a really beautiful month in the Okanagan Valley, with sunny days, no smoke and the temperatures being just perfect for BBQ's, lazing on the Beach, Boating, Golfing, Hiking & Biking!


This definitely had an effect on Kelowna Real Estate activity!


Buyers seemed very focused on enjoying the Summer and seemed to press 'pause' on their house-hunting searches, as Agents reported the number of viewings and sales more subdued.


Kelowna & Central Okanagan Real Estate Sales August 2019.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Aug 19 474 225 207 24 18
  Jul 19 525 254 225 15 31
 

Jun 19

465 244 182 14 25
 

May 19

530 265 221 19 25
  Aug 18 443 204 191 16 22

Last month-:

- Total Sales were down 9.7% last month.

- Single-Family Homes sales down 11.4%

- Strata sales down 8%.


Compared to last year sales have shown a positive improvement.


- Overall sales were up 7%

- Single-Family Home sales up 10.3%

- Strata sales were up 8.4%.


Inventory Levels...

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