Wow! What a whirlwind month for the Kelowna Real Estate market.
I very much doubt whether anybody could've predicted the level of activity we have been seeing over the last three months, and September was the busiest months yet.
Kelowna & Central Okanagan Real Estate Sales September 2020.
Sales numbers were impressive, across the board.
Compared to the last month-:
- Total Sales were up 13.6% last month.
- Single-Family Homes sales up 12.9%.
- Strata sales up 14%.
Compared to last year sales numbers again showed a positive improvement.
- Overall sales were up 85%
- Single-Family Home sales up 82.7%.
- Strata sales were up 88.5%.
Inventory Levels September 2020
Inventory levels are down in all main sectors -:
Total listings in the Central Okanagan are now 2,558 down from 2,822 last month and down from 3,138 last year.
Single Family & Bare Land Strata Residential 894 units down from 1,032 last month and down from 1,258 last year.
Condo - 644 units down from 668 units last month and up from 602 last year.
Town Homes - 328 down from 364 last month and down from 363 last year.
Single Family Homes listings are down 29% from this time last year and are heading towards the lowest amount of inventory in the last 5 years when we saw numbers at 792 in 2016.
Single-Family Homes - in depth
Single Family Home Sales (including Bare Land Strata) -:
Number of Sales September 2020
$450k - $699k 2020 129 2019 98
$700k - $999k 2020 129 2019 61
$1m plus - 2020 89 2019 28
Price Range Number of Listings Days on Mkt Months of Inventory
$450k - $699 200 (2019 - 371) 35 (2019 - 45) 1.56 ( 2019 3.79)
$700k - $999k 293 (2019 - 397) 42 (2019 - 58) 2.27 (2019 6.51)
$1m plus 338 (2019 - 392) 49 (2019 - 53) 3.8 (2019 14)
Last Month Single Family Home sales - sales were again up in all sectors, compared to last year.
Inventory - remains down in all price ranges.
Days on the Market - have fallen in all price ranges.
Months of Inventory - down in all sectors, and is a Sellers Market in all ranges.
My Ongoing thoughts ...
Recently the media has published reports showing predictions of price reductions across Canada, during the next year.
As there are so many different markets across the country, we should always remember that 'one size does not fit all'.
In Kelowna and the Okanagan Valley, we are working with lower inventory, so my feeling is that we will not see downward price pressure to that extent.
In some parts of the 'hot market' I am starting to see evidence that properties are taking longer to sell, and Sellers are having to undertake price reductions, as their initial prices were too high for the market.
Also, an interesting Real Estate description I heard recently was "Zoom Towns"
Described as " A Market booming due to these homeowners being able to work remotely. Many of the new Zoom towns are seeing an increase in popularity. Not only do they offer the space, privacy, and outdoor lifestyle that these affluent buyers now crave, but also properties with lower price points; in other words, value for money that simply cannot be matched by buyers looking in major metropolitan cities."
This would seem to describe Kelowna and its relationship with Vancouver & the Lower Mainland and could explain why we have seen such a turnaround for higher-end homes and is another potential reason our Market could be more 'insulated' this time around..
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