Kelowna Real Estate Market News

Last month the Kelowna Real Estate Market seemed to show the first definite signs of a slow-down, after the latest interest rate rise and the continuing impact of inflation on the cost of living.


Before we start thinking ' the sky is falling', however, 47% of Single-Family home sales last month sold at or above the asking price compared to March 2022 when 52% sold over the asking price. 


Kelowna & Central Okanagan Real Estate Sales April 2022.


April 2022 Real Estate sales numbers were down on the previous month

Compared to the last month-:

- Total Sales were down 11% last month.

- Single-Family home sales were down 14.3%.

- Strata sales down 6.7%

Compared to last year -:

- Overall sales were down 36%

- Single-Family Home sales were down 37.8%.

- Strata sales were down 29.9%.


Inventory Levels April 2022

Inventory levels have risen again this month.

Total listings in the Central Okanagan are now 1554 up from 1232 last month and for the...

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The Kelowna Real Estate Buyers Survey Results are now out for February 2022.


First-Time Buyers were busier again last month, with more Buyers coming from the Lower Mainland/ Vancouver Island than the previous month, and more Buyers purchasing in the Kelowna / West Kelowna Area.


Here is the full report below.


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


First Time Buyer – 17.28% (14.57%)

Revenue Property Investor – 18.98% (21.05%)

Moving Up – 11.9% (19.03%)

Similar Property Type – 18.98% (19.03%)

Downsizing – 13.03% (19.53%)

Single-family Res to Strata – 5.10% (3.24%)

Recreational Property – 7.37% (6.88%)

Retirement Community – 7.37% (0.40%

Strata to Single Family – 2.27% (2.02%)


Describe the Buyer (family dynamic):


Couple without children – 21.02% (24.21%)

Two Parent family /children – 29.26% (26.59%)

Empty nesters or retired – 21.31% (19.44%)

Single female – 11.36% (8.73%)

Single male...

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The Kelowna Real Estate Buyers Survey Results are now out for December 2021.


First-time, Investor and Downsizing Buyers were busier in the Market last month, with Two-Parent Families being the busiest Family dynamic.


Buyers from the Lower Mainland were busier again last month, as were buyers from other areas of BC, and more purchased properties in Kelowna & the Central Okanagan.


Here is the full report below.


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


First Time Buyer – 21.29% (20.47%)

Revenue Property Investor – 15.26% (13.47%)

Moving Up – 16.06% (17.10%)

Similar Property Type – 18.88% (18.65%)

Downsizing – 11.65% (10.88%)

Single-family Res to Strata – 5.62% (6.48%)

Recreational Property – 5.62% (7.25%)

Retirement Community – 2.41% (0.78%)

Strata to Single Family – 2.41% (1.81%)


Describe the Buyer (family dynamic):


Couple without children – 22.98% (23.02%)

Two Parent family /children – 29.44%...

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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 2022.



Quail Ridge / University District Real Estate

January 1, 2021, to December 31, 2021.

Sales Numbers


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Dec

2021


223


48


136


36


3

 

Jan-Dec

2020


99


34


43


22


0

  Jan-Dec 2019


82


23


46

 

13


0


Summary for 12 Months January to December 2021 compared to 2020.

- Total MLS® Sales up 125%.

- 41.2% increase Single Family Homes sales.

- 216% rise in Condos sales.

- 63.6%% increase in Townhome Sales. 


Homes - sales numbers were up & ranged between $850,000 & $1.749m last year.


Town Home - there were very few townhomes for sale in Quail Ridge last year, so the numbers were dominated by sales in the Academy...

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First and foremost Happy New Year everyone!


Last month's sales were much more subdued, as a result of -:


1. Buyers continued to struggle to find homes, due to low inventory.

2. There were continuing road closures between the Okanagan and the Lower Mainland, after the November floods, which made traveling more challenging.

3. We started to see a rise in Covid cases throughout BC, as a result of the Omicron variant, which caused some to pause their house-buying plans.


Kelowna & Central Okanagan Real Estate Sales December 2021.



December 2021 Kelowna Residential Real Estate sales numbers were significantly lower than November 2021 numbers.

Compared to the last month-:

- Total Sales were down 33.8% last month.

- Single-Family Homes sales were down 40.6%.

- Strata sales down 28.6%


Compared to last year -:


- Overall sales were down 23.6%

- Single-Family Home sales were down 26.8%.

- Strata sales were down 17.9%.


Inventory Levels December 2021


Our already ...

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While the number of sales may be continuing to reduce, do not be fooled into thinking the market is cooling off!


I have been continuing to work with a variety of Buyers, and it is not a market for the faint-hearted or those that aren't super-motivated to find a home!


I don't believe we have ever seen our inventory at such critically low levels, and we are continuing to see many multiple offer situations, and listings selling well over the asking price.


Kelowna & Central Okanagan Real Estate Sales November 2021.



November 2021 Kelowna Residential Real Estate sales numbers were slightly below the October 2021 numbers.

Compared to the last month-:

- Total Sales were down 4.7% last month.

- Single-Family Homes sales were down 1.7%.

- Strata sales down 6.5%


Compared to last year -:


- Overall sales were down 15.7%

- Single-Family Home sales were down 13.6%.

- Strata sales were down 15.1%.


Inventory Levels November 2021


Historically low Inventory in the Central...

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