Kelowna Real Estate Update – Broken Records!

Kelowna Real Estate News

October 2020

RECORDS BROKEN! HOT HOT HOT!
Wow, once again, an unbelievable month for Kelowna in September. Our spring market was delayed to the summer and has started to spill into the fall with no signs of letting up yet.

Single Family Homes
The previous record for sales in September was in 2016, with 276 sales. The 10 year average is 187 sales.  Last month saw a jaw dropping 356 sales! Measuring the market based on the percentage of listings that sell, September was tied for the 3rd best of any month in Kelowna’s history.  We are seeing multiple offers, but fortunately, buyers aren’t in a position where they need to write subject free offers to win properties as we saw in Toronto and Vancouver a few years back. The average price has also climbed to an unreal $842,384, almost $30,000 higher than August’s record setting $816,767.

Townhomes
Townhomes continue to be hot on the heels of Single Family homes with 37% of the listings selling in September. Sales are almost 150% more than the 10 year average and 79% higher than this time last year. Similar to Single Family Homes, listings are approximately 30% under the 10 year average.  Townhomes continue to perform extremely well.

Apartments
Apartments have finally broken into a sellers market with 26.4% of the listings selling in September.  Although sales numbers are strong (almost double the 10 year average), listings are still staying higher than other segments.

Walk to Wineries!
4 Bedroom Home with HUGE Flat Yard

930 Stuart Rd
Now Only $649,800

Whether you love the idea of walking to wineries, or would like a large manicured yard – this is the spot for you!

This 4 bedroom, 2 bathroom home is on a flat oversized 0.38 Acre lot in a picturesque neighbourhood close to all of West Kelowna’s amenities and just minutes over the bridge to downtown Kelowna. The main level features newer windows and a large updated kitchen with lots of cupboard and counter space. There are 2 bedrooms on the main floor (and a shareable oversized walking closet) as well as a 5 piece bathroom with seperate tub and stand up shower. Downstairs is the 3rd and 4th bedroom, 2nd full bathroom and lots of flex, and storage space. Currently used as an exercise room, this could be a rec room, man cave, kids play space or amazing home office.

The backyard offers a cozy stone patio, garden, fruit trees, and wide open spaces for games or your imagination. The oversized single garage backs onto a bright sunroom; currently used for extra storage. Room for RV parking
See more photos and 3D walkthrough here

Major Cities Report

Victoria

Interest in homeownership in Victoria unwavering over course of pandemic

Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more than the previous month of August 2020. Sales of condominiums were up 26.7 per cent from September 2019 with 280 units sold. Sales of single family homes were 91.9 per cent from September 2019 with 539 sold.

There were 2,389 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2020, 15.4 per cent fewer properties than the total available at the end of September 2019.
Source

Vancouver

Metro Vancouver home sales and listings surge in September

Home sale and new listing activity reached record levels in Metro Vancouver* in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,643 in September 2020, a 56.2 per cent increase from the 2,333 sales recorded in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August 2020.

Last month’s sales were 44.8 per cent above the 10-year September sales average and is the highest total on record for the month.

“While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down,” Gerber said. “This is creating upward pressure on home prices, which have been edging up since the spring.”
Source

Calgary

Home sales rise along with supply

September sales activity jumped to 1,702 units, the strongest September total since 2014.

New listings in September improved over last month, but levels remained comparable to the previous year. The increase in sales relative to new listings did prevent any monthly gains in inventory levels, but supply in the market is still down 12 per cent compared to last year.

The adjustment in supply relative to demand has caused the housing market to move toward more balanced conditions. The current 3.7 months of supply represents the most balanced conditions seen for September in over five years.
Source

Edmonton

Residential Unit Sales up 35.55% compared to September 2019

Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for September 2020 increased 35.55% compared to September 2019 and decreased 0.21% from August 2020. The number of new residential listings is up year over year, increasing 10.37% from September 2019. New residential listings are up month over month, increasing 5.90% from August 2020. Overall inventory in the Edmonton CMA fell 15.15% from September of last year and decreased 4.04% from August 2020.

For the month of September, single family home unit sales are up 42.79% from September 2019 and stayed the same as August 2020 at 1,188. Condo unit sales increased 7.26% from September 2019 and decreased 2.21% from August 2020.
Source

Toronto

Sales up 42.3% over September 2019

The September 2020 MLS® Home Price Index Composite Benchmark was up by 11.6 per cent yearover-year. The average selling price for all home types combined in September was $960,772 – up by 14 per cent year-over-year. Price growth was driven by the low-rise market segments. The relatively better supplied condominium apartment segment experienced a comparatively slower pace of price growth.

“On a GTA-wide basis, market conditions tightened in September relative to last year, with sales increasing at a faster pace than new listings. With competition between buyers increasing noticeably, double-digit year-over-year price growth was commonplace throughout the region in September, resulting in the overall average selling price reaching a new record,” said Jason Mercer, TRREB’s Chief Market Analyst.
Source

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RE/MAX Kelowna
#100 – 1553 Harvey Av.
Kelowna, BC, V1Y 6G1