Wow, July has been and gone already! What a roller coaster month.
The month started very busily for the Kelowna Real Estate Market and then things went a little quieter as there was a spike in Covid-19 cases in the area, following the Canada Day weekend, which seemed to slow the number of people travelling to the area.
Towards the end of the month people seem to start looking again and the last weekend of the month, I saw an increase in people viewing online and also coming up to Kelowna to view.
This feels like it is going to continue into August.
Kelowna & Central Okanagan Real Estate Sales July 2020.
As you can see from these numbers sales have really bounced back very impressively, and Lot sales increased by 267%!
Compared to the last month-:
- Total Sales were up 43% last month.
- Single-Family Homes sales up 32%.
- Strata sales up 57%.
- Lot sales up 267%
Compared to last year sales numbers again showed a positive improvement.
- Overall sales were up 39%
- Single-Family Home sales up 49%.
- Strata sales were up 23%.
Inventory Levels June 2020
Inventory levels are down in most main sectors -:
Total listings in the Central Okanagan are now 3,027 down from 3,048 last month and down from 3,380 last year.
Single Family & Bare Land Strata Residential 1,127 units down from 1,155 last month and down from 1,415 last year.
Condo - 707 units up from 702 units last month and up from 639 last year.
Town Homes - 383 down from 407 last month and down from 384 last year.
Only Condo inventory continued to trend higher.
Single-Family Homes - in depth
Single Family Home Sales (including Bare Land Strata) -:
Number of Sales July 2020
$450k - $699k 2020 131 2019 104
$700k - $999k 2020 125 2019 87
$1m plus - 2020 74 2019 21
Price Range Number of Listings Days on Mkt Months of Inventory
$450k - $699 277 (2019 - 420) 37 (2019 - 32) 2.11 ( 2019 4.04)
$700k - $999k 396 (2019 - 437) 44 (2019 - 57) 3.17 (2019 5.02)
$1m plus 375 (2019 - 445) 68 (2019 - 64) 5.07 (2019 21.19)
Last Month Single Family Home sales - sales were up in all sectors. July saw a big spike in sales in the $1m plus category - check out the graph below.
Inventory - remains down in all price ranges.
Days on the Market - have fallen in the 'mid' range but increased in the more affordable & higher price ranges.
Months of Inventory - down in all sectors, and has now turned into a full Sellers Market. The months of inventory in the $1m sector has completely turned around with inventory reducing from 21 months to 5 month.
Final Thoughts ....
With the inventory levels we are currently seeing in Kelowna, upward price pressure is inevitable.
I am working with a number of buyers and we are struggling to find the right homes, and we are seeing regular multiple offers and I have been experiencing offers on some listings very quickly.
The change around in fortunes of the $1m plus market has been quite marked, and I believe working from home opportunities have led some buyers to accelerate their decision to make the move to the Okanagan Valley.
With the lack of pre-built inventory available, buyers have changed their attention to building and this would explain the significant increase in lot sales this last month.
Finally, we have to be mindful that we are now in fire season in the Okanagan, and we have seen our first forest fire in the West Kelowna area this last weekend, so do be careful if you are out and about enjoying the beautiful summer weather.
My photo this month is sunrise over Kalamalka Lake taken last weekend.
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