Kelowna Real Estate Market News

Kelowna Real Estate Market News December 2018

During November 2018 the Kelowna Real Estate Market appears to have headed into its typical winter slowdown, and many sellers have been left wondering what it's going to take to get their home sold, with showings very slow and declining sales prices.


Our Market is firmly a Buyers Market right now and many Buyers continue to sit on the fence, worried about whether they'll be paying too much, what will be the effect of the Speculation Tax now it's in place and will they qualify for a Mortgage due to the Mortgage Stress tests.

Kelowna Real Estate Market Sales November 2018


 


Date


Total

Single Family


Strata


Lots


Manuf

  Nov 18 303 150 113 21 19
  Oct 18 385 190 165 9 21
  Sep 18 375 203 141 11 20
  Aug 18 434 205 191  16 22
  Nov 17 448 213 161 55 19


Overall Sales were down 21% on last month and down 32% on this time last year. Single Family Home sales were down 21% on last month and 29.5% on last year and Strata Sales were down 31.5% on last month but down 30% on this time last year.


Comparing months of inventory available, for the Central Okanagan between October and November 2018-:


Single Family Homes Oct 2018 6.6 months Nov 2018 8.5 months - rising.


Condos Oct 2018 4.65 Months Nov 2018 7.3 months - rising.


Townhomes Oct 2018 5.9 Months Nov 2018 8.9 months- rising.


As a result, the Kelowna Real Estate Market has moved from a Balanced to a Buyers Market.


I thought it would be interesting to break down the months of Single Family Home Inventory, and this is what I found.


Single Family Home Inventory November 2018



 


Area


Listings


Sales


Months Supply


Buyers Market


Balanced Market

 

Lower 

Mission

82 8 10.2 Yes  
 

Upper Mission

87 5 17.4 Yes  
  Rutland 100 21 4.76   YES
  Black Mountain 59 9 6.5  Yes  
  Lake Country 120 20 6  Yes  


As you can see most of the Market has slipped into Buyers Market territory, but some of the more affordable areas such as Black Mountain, Lake Country, and Rutland, in particular, are still showing reasonable levels of inventory and for a well priced and/or well-presented home Buyers could still expect some competition.


Shopping List for Buyers


I do still have some Buyers who have not been able to find what they are looking for.


If you know someone who is looking to sell a home in any of these categories, please get them to contact me!


  • Townhome from Glenmore to North end of Vernon under $375k no age restrictions
  • Quail Ridge Home under $700k, not a walkup
  • Rancher home in the Lakes with a view but no road noise and under $900k
  • Rancher home with privacy and views under $1 million - Quail, Black Mountain, Wilden
  • Investment condo under $275,000 - University District
  • Home up to approximately $500,000 with a suite and good sized Garage and or Shop in Kelowna, West Kelowna or possibly Lake Country.
Kind Regards

Trish Cenci





Comments:
No comments

Post Your Comment:

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.