Despite the snow and some cold temperatures for the Okanagan during January, potential buyers of Kelowna Real Estate have been starting to look and the number of potential investors I have spoken to has been well up on last year.
Interestingly, a number are looking for AirBnB potential properties.
Overall, it has been a lower inventory that has been the biggest challenge, and as a result, we have seen stronger activity, particularly when more affordable homes list with suites and financing has still been a challenge, for some, and this is has been the cause of a number of offers collapsing.
This week BC Stats estimated the current population of Kelowna had increased to 142,000 from 133,000 in 2016 and is still rising, And we continue to see reports of the future growth of UBCO.
Kelowna & Central Okanagan Real Estate Sales January 2020.
- Total Sales were down 5.7% last month.
- Single-Family Homes sales down 2.1%
- Strata sales down 14.2%.
Compared to last year sales numbers continue to show a positive improvement.
- Overall sales were up 32.7%
- Single-Family Home sales up 53.4%.
- Strata sales were up 9.7%.
Inventory Levels January 2020
Inventory levels are up in all main sectors -:
Total listings in the Central Okanagan are now 2,275 up from 2,188 last month.
Single Family & Bare Land Strata Residential 821 units up from 802 last month.
Condo - 466 units up from 409 units last month.
Town Homes - 282 units up from 267 units last month.
Single-Family Homes - in depth
Single Family Home Sales (including Bare Land Strata) -:
Number of Sales December 2019
0 - $450k 2020 14 2019 8
$451k - $699k 2020 61 2019 48
$700k - $999k 2020 42 2019 22
$1m plus - 2020 18 2019 10
Price Range Number of Listings Days on Mkt Months of Inventory
$451k - $699 206 (2018 - 259) 57 (2018 - 58) 3.89 ( 2018 5.76)
$700k - $999k 260 (2018 - 242) 86 (2018 - 78) 6.84 (2018 12.1)
$1m plus 280 (2018 - 287) 110 (2018 - 121) 20 (2018 41)
Last Month Single Family Home sales - sales numbers were up in all price ranges.
Inventory is lower in the most affordable & $1 plus market, with numbers higher in the mid-range.
Days on the Market - have decreased in the affordable & $1m plus markets & increased in the mid-range.
Months of Inventory - down in all sectors.
All the signs are there that the Kelowna Real Estate Market is going to be busier this year and if inventory levels remain lower then we will definitely see upward price pressure, particularly in the more affordable price 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