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 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 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.