After the record temperatures we experienced in Kelowna and the Central Okanagan earlier in the summer, many feared we would be in for a difficult 'Fire Season', and sadly that has been the case.
We have experienced 2 very large fires, one at the North of Lake Okanagan, and one in the Glenrosa / Peachland area, as well as many smaller fires that the Firefighters have done an amazing job of quickly bringing under control.
These fires filled the Valley with dense smoke, and together with deteriorating Covid numbers, led the local and Provincial Government to ask people to stay away.
These factors, together with continuing low inventory, have continued to have an impact on the Kelowna Real Estate Market.
Kelowna & Central Okanagan Real Estate Sales August 2021.
August 2021 Kelowna Residential Real Estate sales numbers have continued their downward trend .
Compared to the last month-:
- Total Sales were down 7.9% last month.
- Single-Family Homes sales stable.
- Strata sales down 13.2%
Compared to last year sales numbers were up again.
- Overall sales were down 19.2%
- Single-Family Home sales down 26.2%.
- Strata sales were down 5%.
Working with my Buyers in the Market last month, continued to be very challenging, and I worked in multiple offer situations on several occasions, and Buyers who needed to put financing clauses in Contracts, for example, found it extra difficult to be successful.
Inventory Levels August 2021
Inventory levels continue to be stablilising -:
Total listings in the Central Okanagan are now 1,369 down from 1,378 last month and down from 2,822 last year.
Single Family & Bare Land Strata Residential 532 units down from 516 last month and down from 1,028 last year.
Condo - 240 down from 274 units last month and down from 667 last year.
Town Homes - 144 down from 138 last month and down from 367 last year.
Overall, the inventory trend is down 51.5% compared to last year, Single Family Homes listings are down 48% from this time last year, Condo listings are down 64% & Townhome listings are down 60.1%.
Key points to note this month in the Kelowna Real Estate Market.
1. Inventory remains very low - so the likelihood of prices starting to stabilise is low, and we will continue to see multiple offer situations.
2. One Water Street - the first Tower is now complete and owners are starting to take possession, so, we might start to see a few re-sales.
3. New Developments - The first phases of Aqua and Water Street By The Park, were recently offered to the market and were both quickly snapped up by eager Buyers.
4. Fire Insurance - Forest Fires are still burning in the area, so it remains essential for Buyers to shop early and 'bind' a policy with an insurer, 30 days before they are due to close.
5. Effects of Covid 19 - we are now in a '4th wave' with the virus, and no end in sight, so we are still seeing high levels of demand in the Valley.
6. General Election - there have been some policy changes proposed during the election campaign, that will potentially impact Real Estate in Canada. So I will assess this next month.
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 -