Welcome to 2021 & a Happy New Year to everyone!
With our 'social distanced' Christmas this year, we learnt to savour the Zoom Calls, Facetime and Messenger calls with friends and family instead.
Lack of inventory, certainly played a part in the lower number of sales last month, in the Kelowna Real Estate market and highlighted the importance of 'being ready' if the right home came along.
Kelowna & Central Okanagan Real Estate Sales December 2020.
As usual for this time of year, sales numbers were down compared to November, but as you can see were again up significantly on December 2019.
While the pent-up demand we saw in the summer is not there, we are still seeing strong demand and very little product.
Compared to the last month-:
- Total Sales were down 27.3% last month.
- Single-Family Homes sales down 29.5%.
- Strata sales down 27.1%.
Compared to last year sales numbers were up again.
- Overall sales were up 76.4%
- Single-Family Home sales up 71.9%.
- Strata sales were up 69.7%.
Inventory Levels December 2020
Inventory levels continue to fall in all main sectors -:
Total listings in the Central Okanagan are now 1,406 down from 1,790 last month and down from 2,186 last year.
Single Family & Bare Land Strata Residential 453 units down from 557 last month and down from 801 last year.
Condo - 367 units down from 462 units last month and down from 409 last year.
Town Homes - 170 down from 241 last month and down from 267 last year.
Overall, inventory is down 35.7% on last year, Single Family Homes listings are down 43.4% from this time last year, Condo listings are down 10.3% & Townhome listings are down 36.3%.
Single-Family Homes - in depth
Single Family Home Sales (including Bare Land Strata) -:
Number of Sales November 2020
$450k - $699k 2020 60 2019 65
$700k - $999k 2020 79 2019 34
$1m plus - 2020 51 2019 11
Price Range Number of Listings Days on Mkt Months of Inventory
$450k - $699 94 (2019 - 206) 26 (2019 - 69) 1.6 ( 2019 3.2)
$700k - $999k 121 (2019 - 249) 44 (2019 - 82) 1.5 (2019 7.3)
$1m plus 203 (2019 - 271) 59 (2019 - 123) 3.9 (2019 24.6)
Last Month Single Family Home sales - sales were down in the $450K to $699k range, which is more due to lack of supply than actual demand. Sales in the other sectors were higher.
Inventory - remains down in all price ranges, and has not been this low in the last 10 years in the more affordable home ranges, but was lower in the luxury market in December 2014 when inventory dipped to 130 units listed.
Days on the Market - homes continue to sell at a much quicker rate than last year.
Months of Inventory - down in all sectors, and is a Sellers Market in all ranges.
My thoughts this month....
Sellers - no need to wait for spring this year! If your home is ready to go - give me a call and we can get your home listed.
It should be noted that correct pricing is essential as overpriced homes are lingering, and with rising days on market, Buyers wonder what's wrong with them.
One of the only sectors I am recommending Sellers hold- off on listing right now is around the UBCO area. With students largely undertaking online study, there is not the usual demand around this area, and prices are subdued as a result.
Buyers - mortgage pre-approval is essential and, in most cases, there is no time to waste if the right property comes along for you. Rising prices in the affordable home market are likely to continue, especially with scarce inventory & mortgage rates being at historical lows.
As always, you aren't local, this is not a problem, we can view homes via video call, and many listings have virtual walkthroughs to give you a head start!
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 - Downtown Kelowna Christmas 2020.