It's been another busy month for the Kelowna Real Estate Market.

Bidding on properties has been 'fierce' at times and I have heard many stories of multiple offers, with the most being 15 offers on 1 home!

Buyers really have to be well prepared for what's ahead and ready to be disappointed several times over before being successful with an offer.

When viewing single-family homes, in particular, half-hour showing windows have been the norm, typically over a weekend with offers looked at on a Monday or Tuesday.

Even with whispers that fixed mortgage rates may start to rise, with inventory still low, there currently seems no end in sight for this hot market.

Kelowna & Central Okanagan Real Estate Sales February 2021.

As you can see February Residential Real Estate sales numbers bounced back significantly in February 2021.

Compared to the last month-:

- Total Sales were up 65% last month.

- Single-Family Homes sales up 51.7%%.

- Strata sales up 64.1%

- Lots up 125%.

Compared...

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

There are details for each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for 2021.

Quail Ridge / University District Real Estate

January 1, 2020, to December 31, 2020.

Sales Numbers

Highlight Summary for 12 Months Jan - Dec 2020 compared to 2019.

- Total MLS® Sales up 20.7%.

- 47.8% increase Single Family Homes sales.

- 6.5% fall in Condos sales.

- 69% increase in Townhome Sales. 

Homes - we saw sales in all price ranges, and numbers were bolstered as we started to see some re-sales in University Heights.

Town Home - sales in the new Academy Ridge Town Home complex resulted in a significant rise...

The latest Kelowna Real Estate Buyers Survey Results are now out, for September 2020.

First-time Buyers were busier again this month, but there were few Buyers 'moving up'.

The numbers moving from the Lower Mainland were up last month, as were the number moving from Eastern Canada.

Here is the full report.

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

First Time Buyer – 18.98% (14.22%)

Revenue Property Investor – 9.3% (9.71%)

Moving Up – 19.35% (23.48%)

Similar Property Type – 18.98% (20.54%)

Downsizing – 10.25% (14.00%)

Single family Res to Strata – 4.55% (2.26%)

Recreational Property –  11.39% (11.06%)

Retirement Community – 2.85% (0.90%)

Strata to Single Family – 4.55% (2.03%)

Describe the Buyer (family dynamic):

Couple without children – 24.48% (25.23%)

Two Parent family/children – 28.44% (33.11%)

Empty nesters or retired – 19.77% (18.69%)

Single female – 13.56% (10.81%...

The latest Kelowna and Central Okanagan Real Estate Buyers Survey Results are now out for July 2020.

First-time buyers were less busy in the Market last month, while Investments and Recreational Property Buyers were busier.

There were also a lot more Buyers from the Lower Mainland and Vancouver Island.

Here are the full results -:

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

First Time Buyer – 15.10% (20.82%)

Revenue Property Investor – 8.92% (5.91%)

Moving Up – 21.28% (20.57%)

Similar Property Type – 21.74% (19.54%)

Downsizing – 11.44% (12.85%)

Single-family Res to Strata – 5.26% (5.66%)

Recreational Property – 8.47% (7.71%)

Retirement Community – 2.29% (1.80%)

Strata to Single Family – 3.2% (3.34%)

Describe the Buyer (family dynamic):

Couple without children – 25.28% (28.02%)

Two Parent family/children – 28.44% (27.76%)

Empty nesters or retired – 21.67% (17.99%)

Single female – 9.93% (14.65%)...

The Kelowna Real Estate Buyers Survey results for March 2020, showed more move-up Buyers and Empty Nesters buying in our Central Okanagan Market.

Due to the travel restrictions that started to impact mid-March, it is not surprising to see local Buyer numbers up.

Here are the full results -:

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

First Time Buyer – 19.28% (20.63%) 

Revenue Property Investor – 7.63% (9.52%)

Moving Up – 21.69% (17.46%)

Similar Property Type – 18.47% (19.58%)

Downsizing – 16.87% (14.29%)

Single-family Res to Strata – 4.42?% (5.29%)

Recreational Property – 2.41% (4.76%)

Retirement Community-3.61% (1.06% )

Strata to Single Family – 4.02% (3.70%)

Describe the Buyer (family dynamic):

Couple without children – 25.6% (25.40%)

Two-Parent Family /children – 21.2% (24.87%)

Empty nesters or retired – 23.2% (17.46%)

Single female – 13.6% (11.64%)

Single male – 12.4% (11.64%)...

In the Kelowna Real Estate Buyers Survey results for February 2020, it seems that more Couple without Children and Empty Nesters were busier buying, and this potentially goes to explain why there were more cash buyers.

There were fewer buyers from local Markets but more from the Lower Mainland and more deciding to buy in the Vernon area.

Here are the full results -:

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

First Time Buyer – 20.63% (22.09%) 

Revenue Property Investor – 9.52% (12.27%)

Moving Up – 17.46% (16.56%)

Similar Property Type – 19.58 (19.63%)

Downsizing – 14.29% (13.50%)

Single-family Res to Strata – 5.29% (6.13%)

Recreational Property – 4.76% (6.75%)

Retirement Community-1.06% (3.68%)

Strata to Single Family – 3.70% (1.23%)

Describe the Buyer (family dynamic):

Couple without children – 25.40% (23.93%)

Two-Parent Family /children – 24.87% (28.22%)

Empty nesters or retired – 17.46% (13.50%)...