In last month's report, I mentioned that the Kelowna Real Estate Market appeared to have been busier since the election. This has continued into November and I had one of the busiest late Fall months in some years.
It felt like serious Buyers had started looking again, and some of my Sellers were on the receiving end of some very aggressive offers.
My feeling is that we are in a more balanced Market now, and the Sellers are 'digging in their heels' and we may be turning the corner with our Real Estate Market.
I am sure there will still be some 'motivated Sellers' over the coming months, particularly if they have had their property on the market for a while, and I have seen the first 'Relocation Buyers', for this season, as some Employers opt to relocate their staff during the winter months.
My sense is we will have some continued Real Estate activity this Winter, which will outpace the sales numbers last year.
Kelowna & Central Okanagan Real Estate Sales November 2019.
- Total Sales were down 5.1% last month.
- Single-Family Homes sales held steady.
- Strata sales down 1.9%.
Compared to last year sales numbers continue to show a positive improvement.
- Overall sales were up 29.7%
- Single-Family Home sales up 33.1%.
- Strata sales were up 39.3%.
Inventory Levels November 2019
Inventory levels are down in all main sectors -:
Total listings in the Central Okanagan are now 2,485, down from 2,818 last month.
Single Family & Bare Land Strata Residential 1,170 units down from 1377 last month.
Condo - 606 units down from 659 units last month.
Town Homes - 301 units down from 330 units last month.
Single-Family Homes - in depth
Single Family Home Sales (including Bare Land Strata) -:
Number of Sales November 2019
0 - $450k 2019 18 2018 15
$451k - $699k 2019 92 2018 83
$700k - $999k 2019 57 2018 10
$1m plus - 2019 28 2018 10
Price Range Number of Listings Days on Mkt Months of Inventory
$451k - $699 295 (2018 - 372) 49 (2018 - 52) 3.21 ( 2018 4.48)
$700k - $999k 349 (2018 - 328) 68 (2018 - 55) 6.12 (2018 8.2)
$1m plus 422 (2018 - 451) 98 (2018 - 104) 15.07 (2018 45.10)
Last Month Single Family Home sales in the $700,000 to $999,000 range were up significantly compared to last year, and this has been an area of the market that has been struggling, at times, this last year.
Inventory is now lower in the most affordable and in the luxury home range, with numbers slightly higher in the mid-range.
Days on the Market have increased in the mid-range, but are falling in the more affordable and luxury range.
Months of Inventory - down in all sectors with a significant fall in luxury homes.
This month's numbers broadly show the Kelowna and Central Okanagan Real Estate Market going back in the right direction.
Now may well be the time to buy, as if we keep seeing numbers like this or better we will start to see more upward price pressure.
If you would like to receive specific information about your own buying and selling needs in the Kelowna & Central Okanagan area please feel free to call or email me and my current listings can be viewed at https://www.trishcenci.com/mylistings.html