First and foremost Happy New Year everyone!
2019 certainly seemed to have its ups and downs in the Kelowna Real Estate Market. The Mortgage Stress Test had a more far-reaching impact on our real estate market then we had imagined. It was only towards the end of the year we really started to see signs of recovery. For me, this was especially so after the Federal Election.
I had several Buyers looking over the Christmas period, and with inventory being lower it has been more difficult to find the right property, and as a result, many are still looking.
Kelowna & Central Okanagan Real Estate Sales December 2019.
- Total Sales were down 28% last month.
- Single-Family Homes sales down 30%
- Strata sales down 24%.
Compared to last year sales numbers continue to show a positive improvement.
- Overall sales were up 40%
- Single-Family Home sales up 29%.
- Strata sales were up 55%.
Overall, it is quite normal to see a dip in sales in our area at this time of year.
Inventory Levels December 2019
Inventory levels are continuing to fall in all main sectors -:
Total listings in the Central Okanagan are now 2,188, down from 2,485 last month.
Single Family & Bare Land Strata Residential 978 units down from 1170 last month.
Condo - 409 units down from 479 units last month.
Town Homes - 267 units down from 302 units last month.
Single-Family Homes - in depth
Single Family Home Sales (including Bare Land Strata) -:
Number of Sales December 2019
0 - $450k 2019 11 2018 7
$451k - $699k 2019 64 2018 53
$700k - $999k 2019 34 2018 25
$1m plus - 2019 11 2018 7
Sales are up in all price ranges compared to last year.
Price Range Number of Listings Days on Mkt Months of Inventory
$451k - $699 263 (2018 - 341) 69 (2018 - 53) 3.11 ( 2018 4.91)
$700k - $999k 245 (2018 - 230) 77 (2018 - 55) 7.21 (2018 9.58)
$1m plus 277 (2018 - 277) 123 (2018 - 51) 25.18 (2018 39.57)
Last Month Single Family Home sales - sales numbers were up in all price ranges.
Inventory is now lower in the most affordable market, with numbers slightly higher in the mid-range and on par in the Luxury Range.
Days on the Market - have increased in all price ranges. This is an area to watch as these numbers have risen since last month.
Months of Inventory - down in all sectors.
If inventory levels remain where they are, particularly in the more affordable sector of the market, we are going to see some upward price pressure in Kelowna and Central Okanagan Real Estate Market as we head towards spring.
If you find the right home, now seems to be a good time to buy, particularly if the Property is in the more affordable range.
If you would like to receive specific information about your own buying and selling needs in the Kelowna & Central Okanagan area please call or email me and my current listings can be viewed at https://www.trishcenci.com/mylistings.html