Kelowna Real Estate Market News

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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Summer is now in full swing in the Okanagan, and locals and Tourists alike are enjoying the things we are most famous for - sunny Lakeshore days, Boating, Hiking, Biking, Golf, Cherries, Peaches, and Wine!


As summer was a little later in arriving this year, I am guessing that we are going to see subdued Real Estate activity throughout the valley during August, except in the more 'affordable' housing market.


When you take a quick 'glance' at our Kelowna Real Estate Inventory, you will see numbers continue to be on the higher side, but when you are actually looking for something specific, there have been several times where it has been tricky to find!


Depending on which price point, type of property and location that you are looking for your buying and selling experience can be very different. One size certainly does not fit all at the moment!


The Median Days on Market for a Kelowna Single-family home, for instance, in the $400,000 to $600,000 range has been 30 days, and with 'due diligence'...

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Kelowna & Central Okanagan Real Estate Sales June 2019.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Jun 19 465 244 182 14 25
  May 19 530 265 221 19 25
 

Apr 19

435 222 180 11 22
 

Mar 19

354 153 169 10 22
  Jun 18 509 265 195 27 22

Last month-:

- Total Sales were down 12.3% last month.

- Single-Family Homes sales down 7.9%

- Strata sales down 17.6%.


When we compare the numbers to last years:

Compared to last year -

- Overall sales were down 8.6%

- Single-Family Home sales down 7.9%

- Strata sales were down 6.6%.


June is traditionally a busier month for Real Estate sales in Kelowna and the Central Okanagan, but this year it was one of the quietest for many years. 


That being said, I had two new listings, one a +55  Condo in a popular Lower Mission location and one in a great Family Home neighborhood in West Kelowna, 1 received an offer the first day and the other in less than 14 days.


This tells me that there is still strong demand in certain...

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Last months Buyers Survey Report is now out, provided by the Okanagan Mainline Real Estate Board (OMREB).


Less activity by First Time Buyers, but more people Downsizing and Investing.


Families were busier Buying, but there were less out of area buyers. I suspect this is due to many have greater difficulty Selling their own homes, as many areas are struggling with sales at the moment.


Property Type:


19.89% First Time Purchase (down from 23.48% in April)

17.74% Move Up Purchase (down from 19.61%)

19.62% Relocating to Similar Property Type (up from 16.85%)

11.02% Revenue/Investment (up from 8.29%)

19.09% Downsizing (up from 15.75%)

7.53% Moving from Single-family Home to Strata Unit (up from 5.52%)

2.96% Moving from Strata Property to Single Family Home (up from 2.76%)

3.76% Recreational Property (down from 5.25%)

1.34% Retirement Home/Seniors Community (down from 2.49%)


Buyer Type (Family Dynamic):


27.03% Two Parent family/children (up from 22.47% in April)

24.86% Couple without children (down...

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