Kelowna Real Estate Market News

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


Move up buyers were much busier in the market during the last month and fewer Recreational Properties were purchased.


Unsurprisingly, due to the time of year and an increase in Covid-19 restrictions, there were a higher proportion of local Buyers busy in the market.


Here is the full report.


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


First Time Buyer – 15.61% (18.43%)

Revenue Property Investor – 14.97% (14.09%)

Moving Up – 24.20% (18.16%)

Similar Property Type – 15.92% (14.09%)

Downsizing – 12.74% (12.47%)

Single-family Res to Strata – 2.55% (4.88%)

Recreational Property –  6.69% (12.20%)

Retirement Community – 1.27% (1.63%)

Strata to Single Family – 2.87% (4.88%)


Describe the Buyer (family dynamic):


Couple without children – 25.14% (25.14%)

Two-Parent Family/children – 31.35% (31.35%)

Empty nesters or retired...

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Welcome to 2021 & a Happy New Year to everyone!


With our  'social distanced' Christmas this year, we learnt to savour the Zoom Calls, Facetime and Messenger calls with friends and family instead.


Lack of inventory, certainly played a part in the lower number of sales last month, in the Kelowna Real Estate market and highlighted the importance of 'being ready' if the right home came along.


Kelowna & Central Okanagan Real Estate Sales December 2020.



As usual for this time of year, sales numbers were down compared to November, but as you can see were again up significantly on December 2019.


While the pent-up demand we saw in the summer is not there, we are still seeing strong demand and very little product.

Compared to the last month-:

- Total Sales were down 27.3% last month.

- Single-Family Homes sales down 29.5%.

- Strata sales down 27.1%.


Compared to last year sales numbers were up again.


- Overall sales were up 76.4%

- Single-Family Home sales up 71.9%.

- Strata...

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


First-Time Buyers and Revenue Investors were busier in the market this last month.


There were more 2 Parent Families Buying, and the Market in Kelowna / West Kelowna was busier, with Vernon area being less busy.


Here is the full report.


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


First Time Buyer – 18.43% (13.98%)

Revenue Property Investor – 14.09% (10.38%)

Moving Up – 18.16% (22.03%)

Similar Property Type – 14.09% (20.34 %)

Downsizing – 12.47% 14.41%)

Single-family Res to Strata – 4.88% 5.30%)

Recreational Property –  12.20% (8.05%)

Retirement Community – 1.63% (0.42%)

Strata to Single Family – 4.88% (2.54%)

 


Describe the Buyer (family dynamic):


Couple without children – 25.14% (23.54%)

Two-Parent Family/children – 31.35% (25%)

Empty nesters or retired – 17.3% (24.79%)

Single female – 11.89%...

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Sales of Single Family Homes, in particular, have still been 'brisk' during the last month in the Kelowna Real Estate Market, as Buyers continue to struggle with low inventory.


For example, one of our new listings in West Kelowna ended in a 5-way multiple offer,  with the winning bid being significantly over asking price, during November!


Kelowna & Central Okanagan Real Estate Sales November 2020.



Sales numbers were down compared to last month, which is partially due to the time of year, but also due to the lack of inventory, but up massively on this time in 2019.

Compared to the last month-:

- Total Sales were down 10.2% last month.

- Single-Family Homes sales down 13.3%.

- Strata sales down 8.3%.


Compared to last year sales numbers were up again.


- Overall sales were up 75%

- Single-Family Home sales up 72%.

- Strata sales were up 76%.


Inventory Levels October 2020

Inventory levels continue to fall in all main sectors -:


Total listings in the Central Okanagan are now...

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Wow! What a whirlwind month for the Kelowna Real Estate market.


I very much doubt whether anybody could've predicted the level of activity we have been seeing over the last three months, and September was the busiest months yet.


Kelowna & Central Okanagan Real Estate Sales September 2020.



Sales numbers were impressive, across the board.

Compared to the last month-:

- Total Sales were up 13.6% last month.

- Single-Family Homes sales up 12.9%.

- Strata sales up 14%.


Compared to last year sales numbers again showed a positive improvement.


- Overall sales were up 85%

- Single-Family Home sales up 82.7%.

- Strata sales were up 88.5%.


Inventory Levels September 2020

Inventory levels are down in all main sectors -:


Total listings in the Central Okanagan are now 2,558 down from 2,822 last month and down from 3,138 last year.

Single Family & Bare Land Strata Residential 894 units down from 1,032 last month and down from 1,258 last year.

Condo - 644 units down from 668 units...

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


Move up Buyers and Recreational Buyers, together Two-Parent Families with Children were busier in the market last month.


There were slightly less local Buyers, and less Buyers in the Kelowna / West Kelowna area, whereas there were more Buyers in the Vernon / Coldstream area.


Here is the full report.


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


First Time Buyer – 14.22% (15.10%)

Revenue Property Investor – 9.71% (8.92%)

Moving Up – 23.48% (21.28%)

Similar Property Type – 20.54% (21.74%)

Downsizing – 14.00% (11.44%)

Single family Res to Strata – 2.26% (5.26%)

Recreational Property – 11.06% ( 8.47%)

Retirement Community – 0.90%(2.29%)

Strata to Single Family – 2.03%  (3.20%)

  


Describe the Buyer (family dynamic):


Couple without children – 25.23% (25.28%)

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

Empty nesters...

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