In a nutshell, lack of inventory and Buyer exhaustion were two of the keys to understanding last month's activity in the Kelowna Real Estate Market.
Buyers are 'ready to write' in a variety price ranges, and they are struggling to find the right property, due to lack of choice.
Some buyers, have been looking for many months, have made & lost out in multiple offers, and are now exhausted with the process!
The biggest question being asked by buyers and sellers - 'are prices going to continue to rise'?
With inventory levels where they are, and the strong appetite for buyers to continue to move to this area, things seem to be set to continue the rising trend, despite some slowing in the Lower Mainland Market.
Influencing Factors -:
1. Are inventory levels starting to stablise?
2. Are the lower sales numbers just our usual summer 'Okanagan slow down', as buyers & sellers take a break for holidays?
3. In the Economy, inflation has been rising, is this just temporary, or is this a trend the government may need to address by increasing interest rates earlier than currently anticipated?
Kelowna & Central Okanagan Real Estate Sales July 2021.
July 2021 Kelowna Residential Real Estate sales numbers have continued their downward trend from earlier this spring.
Compared to the last month-:
- Total Sales were down 20.4% last month.
- Single-Family Homes sales down 32.4%.
- Strata sales down 9%
Compared to last year sales numbers were up again.
- Overall sales were down 16.8%
- Single-Family Home sales down 29%.
- Strata sales were up 1.8%.
Inventory Levels July 2021
Inventory levels continue to be low in all main sectors, but seem to be stablilising -:
Total listings in the Central Okanagan are now 1378 down from 1,451 last month and down from 3,027 last year.
Single Family & Bare Land Strata Residential 517 units down from 520 last month and down from 1123 last year.
Condo - 274 down from 315 units last month and down from 710 last year.
Town Homes - 138 down from 162 last month and down from 382 last year.
Overall, the inventory trend is down 45.5% compared to last year, Single Family Homes listings are down 46% from this time last year, Condo listings are down 38.6% & Townhome listings are down 36.1%.
Key points to note this month in the Kelowna Real Estate Market.1. It's a Sellers Market - so to have the best chance of success, you need to be pre-approved for financing, be able to work with the seller's dates, and be prepared to get creative!
2. Fire Insurance - gaining insurance coverage has again been challenging this month. We are in peak wildfire season and it is very important that you make sure you can gain insurance coverage, before you remove your subjects, and that you have a 'Force Majure' clause in your contract.
3. Appointing a Lawyer - Appoint a Lawyer before you start as they are also extremely busy and are typically booking 2 months in advance, so a quick closing may not be possible.
4. Have plenty of patience! - in the current market it is likely that you will not have many choices to view when you first start your search. It will therefore mean that you may need to look at homes one at a time and be prepared to act quickly when you see one you like.
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
This months photo -