Kelowna Real Estate Update


Kelowna Real Estate News May 2020 As expected, April sales were significantly impacted by COVID 19 in all segments of the market. The good news is that listings are down, and we saw 47% fewer properties being listing in April 2020 compared to 2019. At this point, we haven’t seen a big impact on prices, especially in the lower price points of each segment (type of property). Although all segments of the market are technically in a buyers market, it feels a little more like the market is "on hold".  With so few new listings coming online, the buyers that are actively searching are having…

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Market Update in Kelowna Real Estate


Kelowna Real Estate News April 2020 The following information is to be taken with a large grain of salt as the recent COVID-19 impacts are not realized in these stats. More on that below. Single Family Homes sales appear to be healthy!  Sales numbers are up almost 1/3 over 2019, we're in a happy healthy balanced market, listings are down relative to last year and the average price is holding steady.  What could be wrong? Townhomes are also showing a healthy balanced market. Sales are pretty similar to this time last year, listings are down and the average price is slightly up. Great news! Apartment/Condo are still hanging…

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Kelowna’s Real Estate Market amidst Covid 19?


How is Coronavirus affecting Kelowna's Real Estate Market? March 26 2020 As I am sure most people expect, the market has slowed significantly. We are still having a few showing requests, and the market is still moving. Since it’s too soon to see the impact on sales numbers, I reached out to our office manager at RE/MAX Kelowna for some recent stats. Comparing the same week, March 15-March 24 in 2019 vs 2020, 66% fewer offers were written compared to 2019. Not really surprising with most people staying home.  Looking across all offices, there were 251 new listings during that week in 2019, and 307 in…

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Is Kelowna’s market going to pick up?


Kelowna Real Estate News March 2020 Is Kelowna's market going to pick up? Right now, it's holding steading, but with Vancouver's sales up 45% over last year and stories of 30+ offers on one home last month, we suspect that in 3-6 months we will start to see Vancouverites coming to Kelowna in larger numbers again. They were responsible for up to 20% of our buyers in recent years. As for Corona Virus, at this point, we haven't seen any tangible impact on sales; people are still moving. Single Family Homes continue to teeter between a buyers market and a balanced market. The 122 sales that took place are below the 10-year…

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