At this time of year, we do tend to start to see a slowdown in the Kelowna Real Estate market, so it will be no surprise to see numbers down on last month. Nevertheless, the market remained 'very brisk' and buyers continued to find themselves in multiple offers.
Kelowna & Central Okanagan Real Estate Sales October 2020.
Although overall sales numbers were down last month, numbers were still impressive.
Compared to the last month-:
- Total Sales were down 4.4% last month.
- Single-Family Homes sales down 4.9%.
- Strata sales up 2.7%.
Compared to last year sales numbers were up again.
- Overall sales were up 85%
- Single-Family Home sales up 99.5%.
- Strata sales were up 86.4%.
Inventory Levels October 2020
Inventory levels are down in all main sectors -:
Total listings in the Central Okanagan are now 2,166 down from 2,588 last month and down from 2,816 last year.
Single Family & Bare Land Strata Residential 727 units down from 894 last month and down from 1,143 last year.
Condo - 571 units down from 643 units last month and up from 527 last year.
Town Homes - 261 down from 328 last month and down from 330 last year.
Overall, inventory is down 23% on last year, Single Family Homes listings are down 36% from this time last year, Condo listings are up 8% & Townhome listings are down 21%.
Single-Family Homes - in depth
Single Family Home Sales (including Bare Land Strata) -:
Number of Sales October 2020
$450k - $699k 2020 120 2019 89
$700k - $999k 2020 143 2019 49
$1m plus - 2020 80 2019 18
Price Range Number of Listings Days on Mkt Months of Inventory
$450k - $699 162 (2019 - 338) 33 (2019 - 44) 1.35 ( 2019 3.80)
$700k - $999k 226 (2019 - 358) 34 (2019 - 62) 1.58 (2019 7.31)
$1m plus 299 (2019 - 350) 44 (2019 - 68) 3.74 (2019 19.44)
Last Month Single Family Home sales - sales were again up in all sectors, compared to last year.
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.
This months thoughts ...
The Single-Family home sector is likely to continue to see upward price pressure, if inventory levels and sales remained at their current levels.
I do however expect sales numbers to start to slow as we head into winter, due in some part to Buyers struggling to find their ideal property.
Investment condo sales are likely to struggle. UBCO Students continue to study online rather than in person, and we are not seeing the same level of international migration as normal. University Students form a significant part of the rental market in the Kelowna area & so I see rental vacancy rates rising.
I only see this as a relatively short term issue, until we get to the 'other side' of the Covid-19 pandemic.
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