Kelowna Real Estate Market News

Kelowna Real Estate Market News May 2021

The current Kelowna Real Estate Market is one of the hottest we have ever seen!


It is proving to be a stressful time, for many Buyers, as they view a home and find themselves bidding with 8 or 9 other parties, and then having to wrestle with whether they should go in 'subject free' to give them the best chance.


I've been involved in 'multiple offers', 'bully offers' and had no suitable product to show potential Buyers.


Understandably, some are becoming disillusioned and have given up for now, while others have sharpened their game plan and eventually been successful. 


Kelowna & Central Okanagan Real Estate Sales April 2021.



April 2021 Residential Real Estate sales numbers pegged back a little last month, but were way higher than this time last year when we were just beginning to see the impact of the Covid 19 pandemic.

Compared to the last month-:

- Total Sales were down 8.3% last month.

- Single-Family Homes sales down 3.6%.

- Strata sales down 10%

- Lots down 43.9%.


Compared to last year sales numbers were up again.


- Overall sales were up 432%

- Single-Family Home sales up 407%.

- Strata sales were up 490%.

- Manufactured Homes up 256%

- Lots up 550%

Inventory Levels April 2021

Inventory levels continue to be low in all main sectors -:


Total listings in the Central Okanagan are now 1414 up from 1,401 last month and down from 2,702 last year.

Single Family & Bare Land Strata Residential 477 units up from 460 last month and down from 1024 last year.

Condo - 365 down from 373 units last month and down from 571 last year.

Town Homes - 149 down from 153 last month and down from 364 last year.


Overall, the inventory trend has started to improve but is down 47.7% compared to last year, Single Family Homes listings are down  53.4% from this time last year, Condo listings are down 36% & Townhome listings are down 59%.


Single-Family Homes - in depth

Single Family Home Sales (including Bare Land Strata) -:


Number of Sales February 2021


$450k - $699k   2021    56    2020   49


$700k - $999k   2021    194     2020   27


$1m plus -            2021   143     2020   14 

 

As you can see many more homes are now selling in the middle sector compared to last year, as we see prices rising well above $700,000 now, and we continue to see higher sales numbers in the $1m+ price range.


Price Range         Number of Listings      Days on Mkt       Months of Inventory 


$450k - $699        69 (2020 - 272)          17 (2020 - 28)       1.23 ( 2020 5.55)


$700k - $999k      152 (2020 - 350)         15 (2020 - 44)       0.78 (2020 12.96)


$1m plus                  233 (2020 - 329)         16 (2020 - 95)     1.63 (2020 23.5)


Last Month Single Family Home sales - Sales in all sectors continued to rise, particularly in the mid-range.


Inventory - remains lower in all price ranges, but has shown slight sign of improvement from last month.


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 a tiny sign of improvement.


These very modest signs of improvement will be something to watch for next month, to see if this becomes a trend.

My thoughts this month....

If you are a buyer, you need to prepare yourself financially and mentally!


1. Speak to your Mortgage Broker before you start the process and find out how much you qualify for, how long the approval process takes, and how long it will take to get an appraisal. Everyone is busy, so it may take longer than you think.


2. Consider appointing 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 may not be possible.


3. 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


Kind Regards

Trish Cenci



This months photo - 

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