Kelowna Real Estate Market News

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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Wow, July has been and gone already! What a roller coaster month. 


The month started very busily for the Kelowna Real Estate Market and then things went a little quieter as there was a spike in Covid-19 cases in the area, following the  Canada Day weekend, which seemed to slow the number of people travelling to the area.


Towards the end of the month people seem to start looking again and the last weekend of the month, I saw an increase in people viewing online and also coming up to Kelowna to view.


This feels like it is going to continue into August.

Kelowna & Central Okanagan Real Estate Sales July 2020.



As you can see from these numbers sales have really bounced back very impressively, and Lot sales increased by 267%!

Compared to the last month-:

- Total Sales were up 43% last month.

- Single-Family Homes sales up 32%.

- Strata sales up 57%.

- Lot sales up 267%


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


- Overall sales were up 39%

- Single-Family...

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June was a much busier month in the Kelowna Real Estate Market, as we saw a gradual easing of travel restrictions and all parties adapting to social distancing guidelines.


Homes in the affordable housing market continued to show strong activity and well-priced homes saw a number of multiple offers.


The dramatic increase in sales in June was a reflection of the increased activity that started in May, and by the end of the month, sales had overtaken the numbers for this time last year.



Kelowna & Central Okanagan Real Estate Sales June 2020.




Compared to last month-:

- Total Sales were up 71% last month.

- Single-Family Homes sales up 88%.

- Strata sales up 58%.


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


- Overall sales were up 9%

- Single-Family Home sales up 18%.

- Strata sales were down 3%.


Inventory Levels June 2020

Inventory levels are up in all main sectors -:


Total listings in the Central Okanagan are now 3,049, up from 2,917 last month and down...

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Move-Up Buyers & Buyers purchasing similar Properties were busier last month. Whereas First Time Buyers and Downsizing Buyers were not as busy. There was an increase in buyers from the Lower Mainland, as Covid-19 restrictions eased & Buyers in the Vernon area were busier with fewer Buyers in the Kelowna area according to the  Buyer Survey Results for the Kelowna and Central Okanagan Real Estate Market area during May 2020.


Here is the full report -:


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


First Time Buyer – 20.79% (25.00%)

Revenue Property Investor – 9.41% (7.58%)

Moving Up – 17.33% (14.39%)

Similar Property Type – 18.81% (9.85%)

Downsizing – 11.88% (22.73%)

Single family Res to Strata – 1.98% (3.03%)

Recreational Property – 7.43% (4.55%)

Retirement Community – 3.47% (2.27%)

Strata to Single Family – 1.49% (3.79%)


Describe the Buyer (family dynamic):


Couple without children – 28.71% (21.37%)...

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The May 2020 Kelowna Real Estate Market was surprisingly more active than I had expected it to be. We still saw people who needed to buy and sell, and as BC came out of its first phase of lockdown I certainly saw more requests for showings.


Two of my new listings saw offers within 1- 4 days of listing!


This last weekend was much busier with Buyers viewing.


Kelowna Real Estate Sales May 2020.



Real Estate sales were up 38.1% compared to April but still 25% below the numbers we saw in March, and nearly 44% down on this time last year. Again, this is to be expected, and we really don't need to read too much into these numbers.


Really, June 2020 numbers will be more of a benchmark on how things are starting to recover.


Kelowna Real Estate Inventory Levels May 2020


Inventory numbers continue to rise, which is normal for this time of year as, but remain down on the numbers this time last year.


This is one of the indicators I continue to watch, and at the moment I am not seeing these numbers causing...

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