Kelowna Real Estate Market News

Kelowna Real Estate Market News October 2019

The September Real Estate Market, in the Kelowna area, offered a very 'mix-bag' of results.


On the one hand, there were Properties that had little or no showing activity, others went into multiple offers rights away and suddenly multiple offers on properties that had been listed for some time.


Buyers have certainly been taking their time on making decisions, and it is essential that Homes are presented at their very best for showings and the pricing is 'sharp' and appropriate for the current Market. 



Kelowna & Central Okanagan Real Estate Sales September 2019.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Sep 19 428 225 156 22 25
  Aug 19 474 225 207 24 18
 

Jul 19

525 254 225 15 31
 

Jun 19

465 244 182 14 25
  Sep 18 375 203 141 11 20

Last month-:

- Total Sales were down 9.7% last month.

- Single-Family Homes sales held steady.

- Strata sales down 24.6%.


Compared to last year sales numbers continue to show a positive improvement.


- Overall sales were up 14.1%

- Single-Family Home sales up 10.8%

- Strata sales were up 10.6%.


Inventory Levels September 2019

Overall, inventory is falling -:


Total listings in the Central Okanagan 3,140, down from 3,321 last month.

Single Family & Bare Land Strata Residential 1257 units down from 1408 last month.

Condo - 602 units up from 595 units last month.

Town Homes - 363  units down from 372 units last month.


Single-Family Homes - in depth

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


Number of Sales


0 - $450k             2019    15     2018   15

$451k - $699k   2019    97    2018   83

$700k - $999k   2019    61     2018   63

$1m plus -           2019    28     2018   19 


Price Range         Number of Listings     Days on Mkt     Months of Inventory 


$451k - $699        344 (2018 - 467)          44 (2018 - 39)     3.55 ( 2018 5.63)

$700k - $999k      403 (2018 - 383)         58 (2018 - 46)     6.61 (2018 6.08)

$1m plus                  400 (2018 - 381)         53 (208 - 79)     14.29 (2018 20.05)


As you can see Single Family Home sales in the more affordable price points were higher, in the mid-range they were lower, (with a number of Buyers continuing to look for homes with suites as a Mortgage-Helper,) and most interesting was an increase in sales over $1m.


In the $700,000 to $999,000 range, inventory continues to be higher than last year (up 5.2%) but 10.6% down on the previous month, which is potentially better news for Sellers.


Days on the market are rising in the lower range, but falling in the $1m plus range.


Hopefully, for Sellers, this will mean that they are not under quite so much pressure to reduce prices, but with some snow on the Passes, we will probably start to see the number of 'out of town' Buyers fall as we head towards Winter, which is normal.

In Summary

In the more affordable Single-Family Home Market conditions seem to be balanced and inventory is falling, so we may start to see some upward price pressure again, particularly for Homes with Suites.


It is still a Buyers Market with the higher-priced Homes, so prices may continue to soften, and Buyers will continue to take their time in making decisions.


Prices seem to be going closer to the asking price these days, so it is essential that the List Price is right.


If you would like to receive specific information about your own buying and selling needs in the area please feel free to call or email me and my current listings can be viewed at  https://www.trishcenci.com/mylistings.html

Kind Regards

Trish Cenci


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