Sales of Single Family Homes, in particular, have still been 'brisk' during the last month in the Kelowna Real Estate Market, as Buyers continue to struggle with low inventory.
For example, one of our new listings in West Kelowna ended in a 5-way multiple offer, with the winning bid being significantly over asking price, during November!
Kelowna & Central Okanagan Real Estate Sales November 2020.
Sales numbers were down compared to last month, which is partially due to the time of year, but also due to the lack of inventory, but up massively on this time in 2019.
Compared to the last month-:
- Total Sales were down 10.2% last month.
- Single-Family Homes sales down 13.3%.
- Strata sales down 8.3%.
Compared to last year sales numbers were up again.
- Overall sales were up 75%
- Single-Family Home sales up 72%.
- Strata sales were up 76%.
Inventory Levels October 2020
Inventory levels continue to fall in all main sectors -:
Total listings in the Central Okanagan are now 1,790 down from 2,166 last month and down from 2,484 last year.
Single Family & Bare Land Strata Residential 557 units down from 725 last month and down from 974 last year.
Condo - 460 units down from 572 units last month and down from 479 last year.
Town Homes - 241 down from 263 last month and down from 302 last year.
Overall, inventory is down 27.9% on last year, Single Family Homes listings are down 42.8% from this time last year, Condo listings are down 4% & Townhome listings are down 20.2%.
Single-Family Homes - in depth
Single Family Home Sales (including Bare Land Strata) -:
Number of Sales November 2020
$450k - $699k 2020 95 2019 85
$700k - $999k 2020 128 2019 50
$1m plus - 2020 65 2019 19
Price Range Number of Listings Days on Mkt Months of Inventory
$450k - $699 122 (2019 - 270) 33 (2019 - 44) 1.35 ( 2019 3.80)
$700k - $999k 163 (2019 - 305) 34 (2019 - 65) 1.27 (2019 6.1)
$1m plus 239 (2019 - 312) 56 (2019 - 62) 3.68 (2019 16.42)
Last Month Single Family Home sales - sales were again up in all sectors, compared to last year, particularly homes $1m plus.
Inventory - down in all price ranges.
Days on the Market - down in all price ranges.
Months of Inventory - down in all sectors, and is a Sellers Market in all ranges.
My thoughts this month....
I expect inventory to remain lower, particularly as we have now gone into a 2nd phase of the Covid Pandemic, Some Sellers are definitely nervous about showing their homes right now, and winter is traditionally a slower time for listings.
So, we are likely to see continued upward pressure on home prices, but before Sellers get too excited, it is worth considering that the higher prices go, the more Buyers will have less spare cash to do renovations or any changes to the homes they buy. As a result, they are likely to be looking for 'move-in ready' properties with no major expenses such as new roofs or windows. This is particularly relevant in the more affordable price ranges.
Condo activity is likely to remain more subdued, as we continue to navigate our way through the Covid pandemic. Generally, buyers appetite continues to be for more space and land (if they can afford it), and with the College and UBCO schooling online there is generally less rental demand.
With the news that there are several vaccines in sight now, my view is winter 2021 may be a good time to buy condos.
Prices, particularly around the University area, are as low as they have been in years, and as it is likely that UBCO will return to normal on-campus schooling next fall, we should start to see higher rental demand and more parents purchasing again, so I then expect prices to hold and subsequently improve as current inventory is absorbed.
So, for Sellers, if your home is 'ready to go' and you are comfortable with showings, give me a call and we can get your home listed. I have Buyers that are just waiting for the right home and many Agents are pleading for inventory, right now, as they also have Buyers ready to 'pull the trigger'.
For Buyers, make sure that you are pre-approved, and be prepared to watch your email inbox, when listings in your criteria land, as you will need to be ready to view them right away.
If you aren't local, this is not a problem, we can view homes via video call, and many listings have virtual walkthroughs to give you a head start!
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