The start of February remained quiet, and suddenly Sellers started to list and a few more Buyers started to look, which will probably be a relief for Buyers and Sellers to hear!
On the Buyers side - affordability & levels of Inventory are a real challenge for some, and I have seen properties with Suites proving very desirable, as Buyers look for a 'Mortgage Helper'.
For example, a Single Family home in the Rutland area, early to mid $550's with a suite, had 4 offers on the first day of Listing!
On the Sellers side, some have had few or no showings over the last few weeks, so have been delighted to finally start to see some showing activity!
Kelowna & Central Okanagan Real Estate Sales February 2019.
We have finally seen an uptick in sales numbers! Overall sales were up 38% on last month, with Single-Family Homes sales up 51% and Strata sales up 28%.
Compared to last year, however, overall sales were down 23% with Single-Family Home sales down 15% & Strata sales down 30%.
Total levels of Inventory are rising, currently standing at 2,616 Residential units for sale in the Central Okanagan (as at February 28, 2019), which is up from 1,771, on February 2018, which represents 48% increase.
Breaking this down into categories -:
Homes 2019 1131 Sales 133 Months Supply 9 Buyers Market
Condos 2019 524 Sales 80 Months Supply 7 Buyers Market
Town Homes 2019 373 Sales 38 Months Supply 10 Buyers Market
The latest Kelowna & Central Okanagan Real Estate Market Forecast
Obviously, the number one question on everyone's lips, at the moment, is what is the Kelowna Real Estate Market going to do next.
I don't think the challenges Buyers are facing, to obtain financing, is going to change anytime soon.
For the First-Time Buyer or Buyer in the more 'affordable' end of the Housing Market, it is essential that you obtain pre-approval before you go out shopping.
Multiple Offers are still occurring, so if you have to go to the 'top-end' of your budget, it is important that you know what that is, to avoid disappointment.
The knock on effect of this is that 'move-up' Buyers cannot buy in the mid-price range and the mid-price Sellers can't then buy in the higher end of the Market, which then effects those downsizing!
The BC Real Estate Association announced their Q1 2019 Real Estate Forecast earlier this week. They are forecasting a 0.7% increase in average MLS® prices for 2019 - read the full details here https://www.trishcenci.com/blog.html/bc-real-estate-housing-forecast-q1-2019-5981409
SHORT TERM RENTALS
The City of Kelowna debated their proposal for a new Short Term Rental By Law, this week. It is due to go to a Public Hearing on March 12th, 2019 at Kelowna City Hall.
For those thinking of undertaking 'Air BnB type' short-term rentals or who already have summer short-term rentals in Discovery Bay, Sunset Water Tower Resort, Playa Del Sol, Pinnacle Pointe, and Borgata Lodge, for example, you need to keep your eye on this, as the City is looking to bring in these changes during April or May 2019.
My Blog post on the current proposal is here -: https://www.trishcenci.com/blog.html/kelowna-short-term-rental-by-law-update-february-2019-5983524