While there are 'mutterings' of the Kelowna Real Estate Market slowing down, I have to say this is more to do with lack of suitable inventory than a 'market slowdown'!
I have been working with several buyers looking for Single-Family Homes & Townhomes, and we are racing to view new listings nearly every day, and anything we write on is in 'multiple offers'.
In the Academy Way area near the University, Condo listings offering vacant possession for September are becoming increasingly rare, and I understand that rentals are very hard to come by.
One Agent at my office reported over 100 showings on one of their more affordable home listings last week!
As Buyers get more desperate, we are also seeing properties where Sellers indicate they will look at offers on a certain day, suddenly receive 'bully offers'.
So what is a 'Bully Offer'? A Bully Offer is an offer to buy a property before the date the Seller has indicated they will accept offers. It is also known as a “pre-emptive offer”.
Some of these offers are incredibly aggressive, where Sellers can't afford to turn them down, and other Sellers are just waiting to see what full exposure to the Market brings.
Kelowna & Central Okanagan Real Estate Sales June 2021.
June 2021 Kelowna Residential Real Estate sales numbers have continued to fall over the last two months but remain higher than this time last year when we were in the midst of the early stages Covid 19 pandemic.
Compared to the last month-:
- Total Sales were down 4.5% last month.
- Single-Family Homes sales up 2.8%.
- Strata sales down 12.9%
Compared to last year sales numbers were up again.
- Overall sales were up 50.7%
- Single-Family Home sales up 39.2%.
- Strata sales were up 74.6%.
- Manufactured Homes up 63.1%
- Lots up 4%
Inventory Levels June 2021
Inventory levels continue to be low in all main sectors -:
Total listings in the Central Okanagan are now 1451 down from 1,475 last month and down from 3,048 last year.
Single Family & Bare Land Strata Residential 521 units down from 526 last month and down from 1154 last year.
Condo - 315 down from 339 units last month and down from 702 last year.
Town Homes - 272 up from 259 last month and down from 619 last year.
Overall, the inventory trend has started to improve but is down 47.6% compared to last year, Single Family Homes listings are down 45.1% from this time last year, Condo listings are down 44.9% & Townhome listings are down 43.9%.
Single-Family Homes - Key Details
Price Range Number of Listings Days on Mkt Months of Inventory
$450k - $699 64 (2020 - 293) 21 (2020 - 31) 1.08 ( 2020 2.07)
$700k - $999k 172 (2020 - 417) 16 (2020 - 57) 0.94 (2020 4.58)
$1m plus 263 (2020 - 367) 17 (2020 - 85) 2.29 (2020 11.12)
Inventory - remains very low in all price ranges.
Days on the Market - homes continue to sell at a much quicker rate than last year.
Months of Inventory - down in all sectors compared to last year but showing signs of leveling off.
My current thoughts & advice on the Kelowna Real Estate Market
If you are a buyer, you need to prepare yourself financially and mentally!
1. Fire Insurance - as you will already know, we are now in fire season and this will affect buyers' ability to gain insurance. It is very important that you have a 'Force Majure' clause in your contract, and also that you speak to your insurer at an early opportunity.
2. Appointing a Lawyer - Appoint a Lawyer before you start as they are also extremely busy and are booking 2 to 2 1/2 months in advance now, so a quick closing will not be possible.
3. Strategies for being successful in a busy market - Be aware of how the market is performing in the sector you are planning to buy in and talk to your Agent about strategies to give you the best possible chance of success.
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 -