Kelowna Real Estate Market News

Kelowna Real Estate Market Report November 2019

October seemed to start on a quieter note, but in the last 2 weeks the phones seem to have been a little busier and we have seen a few more showings.


I have been trying to decide whether this is a coincidence, or whether people have been waiting to see the results of the Federal Election.



Kelowna & Central Okanagan Real Estate Sales October 2019.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Oct 19 410 198 159 27 26
  Sep 19 428 225 156 22 25
 

Aug 19

474 225 207 24 18
 

Jul 19

525 254 225 15 31
  Oct 18 384 190 141 9 21

Last month-:

- Total Sales were down 4.2% last month.

- Single-Family Homes sales down 12%.

- Strata sales up 1.9%.


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


- Overall sales were up 6.8%

- Single-Family Home sales up 4.2%

- Strata sales were up 12.8%.


Inventory Levels October 2019

Interestingly Single-family Home Inventory is currently up on last month, but both types of Strata inventory is falling -:


Total listings in the Central Okanagan are now 2,765, down from 3,140 last month.

Single Family & Bare Land Strata Residential 1,337 units up from 1257 last month.

Condo - 527 units down from 602 units last month.

Town Homes - 331  units down from 363 units last month.


Single-Family Homes - in depth

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


Number of Sales October 2019


0 - $450k              2019    21     2018   19

$451k - $699k   2019    96    2018   109

$700k - $999k   2019    56     2018   48

$1m plus -            2019    24     2018   14 


Price Range         Number of Listings     Days on Mkt     Months of Inventory 


$451k - $699        361 (2018 - 439)          41 (2018 - 42)     3.74 ( 2018 4.03)

$700k - $999k      412 (2018 - 398)         59 (2018 - 44)     7.36 (2018 8.29)

$1m plus                  484 (2018 - 492)         71 (2018 - 99)   20.17 (2018 32.8)


Last Month Single Family Home sales in the more affordable price points were lower, in the mid and higher range they were higher.


In the $700,000 to $999,000 range, inventory continues to be higher than last year (up 3.5%) but 11% down on the previous month, which indicates that Sellers in this range may be more optimistic about Selling this year.


Across the board, Days on the Market are falling, but these figures continue to be 'skewed' as a number of properties have been re-listed before they sell.


Looking at the sales, of interest last month, there were a total of 26 sales over $1m, with the highest being for $4.2m for some Development Land in Lake Country and a Lower Mission Home sold over asking at $1.721m, in a multiple offer.

In Summary

In the more affordable Single-Family Home Market conditions continue to be balanced and inventory is falling, so upward price pressure is possible.


It remains a Buyers Market with the Medium & Higher-priced Homes, so prices may continue to soften, but the months of available inventory are falling, which should help Sellers.


There has been recent evidence that Buyers are beginning to recover from the shock of the Mortgage Stress Test, last year, so it will be interesting to see if / how this affects our Real Estate Market in the coming months.


Pricing correctly is essential, as Buyers are really doing their homework before making offers.


If you would like to receive specific information about your own buying and selling needs in the Kelowna & Central Okanagan 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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