Kelowna Real Estate Market News


This report details the market performance of Real Estate in Quail Ridge & the University District during the last 6 months, based on MLS® listings & sales.


There are details for each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for the remainder of 2020.



Quail Ridge / University District Real Estate

January 1, 2020, to June 30, 2020.

Sales Numbers


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Dec

2020


35


9


15


11


0

 

Jan-Dec

2019


40


10


24


6


0

  Jan-Dec 2018


38


17


20

 

1


0


Highlight Summary for 6 Months Jan - Jun 2020 compared to 2019.

- Total MLS® Sales down 12.5%.

- 10% fall in Single Family Homes sales.

- 37.5% fall in Condos sales.

- 83% increase in Townhome Sales. 


Homes - under $750,000 overall had a good level of viewing activity and sold fairly quickly.


Town Home - several sales in Bella Sera, and the launch of the new Academy Ridge Town Home complex resulted in a significant rise...

Read full post

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...

Read full post

The British Columbia Real Estate Association (BCREA) reports that a total of 4,518 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2020, a decline of 45.2 per cent from May 2019. The average MLS® residential price in BC was $728,898, a 3.2 per cent increase from $706,394 recorded the previous year. Total sales dollar volume in May was $3.3 billion, a 43.5 per cent decrease over 2019.


“There were encouraging signs of recovery in May,” said BCREA Chief Economist Brendon Ogmundson. “While activity is still far below normal, both sales and listings are up significantly from April’s lows.


” New listings activity started to normalize around the first week of May, reversing a slide in total active listings. However, active listings are still down close to 24 per cent year-over-year and are more than 10,000 listings below where they would normally be in the spring months.


Year-to-date, BC residential sales dollar volume...

Read full post

First Time Buyers and Two-Parent Families were busier, and more Buyers were Buying in the Kelowna / West Kelowna area according to this latest month's Buyer Survey Results for the Kelowna and Central Okanagan Real Estate Market area during April 2020.


Here is the full report -:


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


First Time Buyer – 25.00% (19.28%)

Revenue Property Investor – 7.58% (7.63%)

Moving Up – 14.39% (21.69%)

Similar Property Type – 9.85% (18.47%)

Downsizing – 22.73% (16.87%)

Single family Res to Strata – 3.03% (4,42%)

Recreational Property – 4.55% ( 2.41%)

Retirement Community – 2.27% (3.61%)

Strata to Single Family – 3.79% (4.02%)


Describe the Buyer (family dynamic):


Couple without children – 21.37% (25.6%)

Two Parent family/children – 31.30% (21.2%)

Empty nesters or retired – 17.56% (23.2%)

Single female – 17.56% (13.6%)

Single male – 12.21% (12.4%)

Single parent...

Read full post

The British Columbia Real Estate Association (BCREA) reports that a total of 3,284 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2020, a decline of 50.8 per cent from April 2019. The average MLS® residential price in BC was $737,834, a 7.8 per cent increase from $684,430 recorded the previous year. Total sales dollar volume in March was $2.4 billion, a 46.9 per cent decrease over 2019.


“We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens.”


While home sales were down by more than half compared to this time last year, the supply of homes for sale, which normally rises through the spring, was down close to 10 per cent on a seasonally adjusted basis and down 23.7 per cent year-over-year. That slide in total active...

Read full post

I do hope that you are all keeping safe and well out there?


The temporary closure of many businesses locally and nationally has come as a tremendous shock to people both professionally and personally and has had a dramatic impact on Families life, Health Care, Education, our Social Interaction and the Real Estate Market.


Initially, as the Covid-19 health crisis began to be felt across Canada, everyone, quite rightly, focused on home and keeping their families safe, and the real estate market largely shut down for a short time.


As everyone comes to terms with the 'new norm' - Real Estate Professionals are also adapting their business practices to continue to help those who really need to buy and sell homes at the moment.


This has involved making sure we can offer safe ways for clients to view homes. I am offering Buyers the ability to view my listings by virtual tour and professional photos, if there is interest I suggest a drive-by if that's possible for them and if they are still ...

Read full post
The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.