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.
- 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 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