Low inventory continued to dominate the news in the Kelowna Real Estate Market during October 2021.
This has continued to drive pricing upwards, and I saw all my new listings receive multiple offers during the last month.
Kelowna & Central Okanagan Real Estate Sales October 2021.
October 2021 Kelowna Residential Real Estate sales numbers were elevated again, compared to the previous 2 months.
Compared to the last month-:
- Total Sales were up 5.1% last month.
- Single-Family Homes sales up 4.9%.
- Strata sales up 2.9%
Compared to last year -:
- Overall sales were down 21%
- Single-Family Home sales down 23.8%.
- Strata sales were down 18.2%.
Recently, we have been seeing a little more inventory on the market which has spurred on those who are unsuccessful in purchasing earlier in the year.
I have, for example, been searching for a family home in the Lake Country area and there has been very little inventory coming onto the market, and each home has been keenly contested by several buyers, resulting in them selling well over the asking price.
Inventory Levels September 2021
Inventory has remained at historically low levels, in the Central Okanagan, and it remains the primary reason for upward price pressure in our real estate market.
Total listings in the Central Okanagan are now 1,299 down from 1,374 last month and down from 2,167 last year.
Single Family & Bare Land Strata Residential 497 units down from 515 last month and down from 724 last year.
Condo - 239 down from 251 units last month and down from 574 last year.
Town Homes - 137 down from 145 last month and down from 264 last year.
Overall, the inventory trend is down 40% compared to last year, Single Family Homes listings are down 31.4% from this time last year, Condo listings are down 58.4% & Townhome listings are down 48.1%.
Key points to note this month in the Kelowna Real Estate Market.
1. Inventory remains low but stabilizing- The rate inventory levels have been falling appears to be starting to slow, but is still heavily influencing prices. It remains a sellers market.
2. Latest BC Real Estate Association Forecast - The Q4 BC Real Estate Forecast is forecasting overall average prices to increase by 2.7% in 2022. To read the full report https://www.trishcenci.com/blog.html/kelowna-real-estate-market-q4-housing-forecast-2021-7633390
3. Interest Rates remain low but future rises in the Forecast - the threat of rising interest rates is starting to gain momentum. While this will not be in the immediate future, previous reports that interest rates may start to rise at the end of next year may be brought forward if inflation levels don't start to slow.
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 -