All I can say is WOW! It has been another busy month in the Kelowna and Central Okanagan Real Estate Market. Home sales are up over 23% on this time last year.
Everyone had been wondering whether the market would be badly affected by fewer buyers coming in from Alberta, but nothing could be further from reality. We are seeing buyers regularly coming in from Calgary, Edmonton, Vancouver and throughout the Lower Mainland. We are also seeing increasing numbers of Chinese Buyers and a lot more ‘Investors’ are looking seriously in the Okanagan again.
The biggest problem is inventory. Instead of having something like 20 Homes to view, we are lucky to find 3 or 4 at the moment.
For Sellers, it has now come to the stage, that if they are looking to buy something else to move to in the Kelowna area, they need to give themselves a lot longer closing dates, to make sure they find something. Thinking ‘ oh well, we’ll just rent for now’ is also not an easy option as the number of available rentals are also very low.
Central Okanagan Real Estate Sales March 2016
|Date||Total||Single Family Homes||Strata||Lots||Manuf|
Yet again, impressive numbers this month. Sales are up 43% on last month, with Single Family Home sales up 49% and Strata Sales up 34%.
Compared to this time last year, overall sales are up 23%, with Single Family Home sales being up 19.6% and Strata Sales up 28.8%.
Months of Inventory in Key Areas of the Kelowna Real Estate Market March 2016
|Area Criteria||Sold||For Sale||Month’s Inventory||Trend||Buyers /Sellers Market|
|S Fam Kelowna / W Kel $300-$500k||111||214||1.93||Falling||Sellers|
|2 Bed Condos UBCO $170k-$320k||18||37||2.1||Falling||Sellers|
|1/2 Bed Condos Downtown $200k-500k||18||40||2.2||Falling||Sellers|
|Town Homes Kelowna/W Kel $240k – $500k||63||132||2.1||Falling||Sellers|
|Walk Out Rancher Kelowna $400k-600k||32||72||2.3||Falling||Sellers|
Single Family Homes Kelowna & West Kelowna $300,0000 to $500,0000 – 41 more sold this month compared to February, and the Month’s of Inventory has fallen from 3.1 months to 1.9 months, Inventory available has stayed the same.
2 Bed Condos UBCO $170,000-$320,000 – Sales increased by 9, Inventory fell by 6, Months of Inventory fell from 4.8 months to 2.1 months.Not good news for Parents looking for properties for Students attending UBCO, as Rentals are also proving to be difficult to find.
1 & 2 Bed Condos in Downtown Kelowna $200k-$500k – Sales increased by 7.Inventory increased by 7 & Months of Inventory fell from 3 to 2.2 months.
Town Homes Kelowna & West Kelowna $240,000 – $500,000 – Sales increased by 13. Inventory remained steady and months of available inventory fell from 2.7 to 2.1 months.
Walk Out Rancher Kelowna $400k-$600k – Sales increased by 17, inventory increased by 22ll from 8.33 to 3.3.and months of inventory reduced from 3.3 to 2.3.
What our Buyers are looking for this month!
Here’s what some of our Buyers are looking for this month -:
- 2 Bedroom and Den Condo which allows Short Term rentals near UBCO up to $310,000.
- Walk Out Rancher Upper Mission, Modern & Bright, with minimum 2 Bedrooms on the main level up to $700,000.
- House or Condo with a good ‘Walk Score’, under 2500 sq ft Lower Mission / Kelowna South up to $550,000.
- Executive Home with Suite possibilities, with a pool or a pool sized yard up to $1.25 m.
- Home, preferably Rancher with a Lakeview and Private Lot, under 3,000 sq ft up to $800,000.
- Executive Homes must have a large shop, up to $1m.
As always, if you have a property you are thinking of Selling this year, or you know someone who is, please give us a call or email us right away!
Trish and Tanis
Tel 250 863 8989