The Pulse: Kelowna Market Review September 2019

September was a fantastic month for the real estate market in Kelowna and the Central Okanagan Valley. The crisp autumn air is definitely upon us but it’s almost as if real estate is heating up. Our market tends to slow down month-to-month as we move closer towards the end of the year and while that is true as well for this year, September sales were up 11.54% compared to September 2018 and for single family homes we actually saw more transactions than we did in both 2018 and 2017!

Beverly Kelowna is a Welcomed Addition To Midtown

This week I was invited to attend a special media event introducing the upcoming Beverly Kelowna condominium building coming to the City’s Midtown neighbourhood at the intersection of Spall Road and Enterprise Way. It’s been exciting to see new development on a prime site that has been vacant since I moved to Kelowna thirteen years ago. I’ve been watching the construction on the West end of the site of the now nearly complete 161-room Hyatt Place Hotel, seeing progress every time I drive up to Glenmore or use Clement Avenue to get downtown.

The Pulse: Kelowna Market Review August 2019

The Kelowna and Central Okanagan Valley continue to experience a strong real estate market. Whether this is due to reduce interest rates and the benchmark qualifying rate which has increased purchasing power or simply the fact that people want to buy in the Okanagan are anybody’s guess but the former surely have had their impact. Sales were up 7.92% over August 2018 with a total of 450 residential sales transactions.

The Pulse: Kelowna Market Review July 2019

The weather in Kelowna and Central Okanagan Valley has been unseasonal cool the past few week; the same can not be said for the local real estate market! The month of July proved to be the strongest month for sales so far this year, not only experiencing an uptick of 13.3% over last month but logging 18% more sales than July 2018. In fact, with 511 residential sales transactions, July saw the most sales in a month in nearly 2 years, since August 2017. The year started out much of the noise out there being negative, prices were down, sales were down, and the media was hyping it up. Year-to-date, sales are now down just under 10% from 2018 and values appear to be among the highest they’ve ever been. With 5 months left to go in 2019, we could easily see this year’s sales surpass that of last year’s.

The Pulse: Kelowna Market Review June 2019

The Kelowna and Central Okanagan Valley real estate market experienced another solid month of sales and new listings in what continues to be relatively balanced market overall. As usual for our market, sales were less than they were last month, nonetheless, we saw 451 residential sales recorded. This figure is also again down only slightly from last year as well but to a much lesser extent then the first 4 months of the year. Now halfway through the year, we’ve seen a total of 2183 sales compared to the 2540 sales in the first half of 2018. While this equates to 14% fewer sales year-to-date compared to last, I still describe this as a solid month because of how it compares to recent history; down only 6% from the 10-year average and having outperformed the 5-year period from 2009-2013.

The Pulse: Kelowna Market Review May 2019

It’s official! May 2019 was the first month to see stronger year-over-year sales after 15 months of slower sales. With 509 sales compared to 504 last year, we’re up 1%! May is also up 20% over April. The Kelowna and Central Okanagan Valley real estate market is continuing to prove this place is pin on the map that people want to call home. Overall the market shows to be relatively balanced, however, if you look closely you’ll see that in reality there are two divergent sub-markets; one is a buyer’s market and the other a seller’s market.

Top Selling Kelowna Condo Buildings in April 2019

April was the busiest month since October of last year for condo sales in Kelowna and the Central Okanagan with 100 reported transactions. Even with more inventory than we’ve seen since July 2015, the market has returned from the wintery buyer’s market to a bustling, more balanced, spring market. This solid demand for Kelowna condos is driving a continuing increase in property values for the segment, with valuations up 13% since April 2018! The average selling price of a Kelowna condo in April was $409,629.

The Pulse: Kelowna Market Review April 2019

Last month I talked about Spring’s arrival; April couldn’t have followed suit any better when it comes to the Kelowna and Central Okanagan Valley real estate market. Where last spring we saw a shift from a seller’s market to a balanced market (and eventually a buyer’s market in the fall and winter), this year we are seeing a shift from a buyer’s market back to a seller’s market.

The Pulse: Kelowna Market Review March 2019

Spring is in the air and we are starting to see its effects in Real Estate too. Kelowna and the Central Okanagan Valley are experiencing a real estate market unlike any we’ve seen in the past decade. It’s predominantly a buyer’s market with pockets that are more balanced. In the coming days and weeks you’ll hear from news outlets and other local Realtors® that the Kelowna real estate market is down again but what they may not tell you is that sales are actually up nearly 30% from February!

The Pulse: Kelowna Market Review September 2018

Kelowna and the Central Okanagan Valley are experiencing an ongoing slowing of the real estate market, mind you while also experiencing a slowing of the slowing. Sales were down 12.7% from last month which is typical for the time of year, and down just 18.75% compared to September of 2017.