The real estate market in Kelowna and the Central Okanagan slowed to a crawl back in April along with markets across the globe. Throughout May we started to see more and more activity but sales remained down considerably over May 2019. June however has been a roaring month and I’m thrilled to report that we are back to seeing an increase in sales transaction year-over-year. And not just a little increase - June saw a 76% increase over May for a total of 483 residential properties sold!
The Pulse: Kelowna Market Review December 2019
The real estate market in Kelowna and the Central Okanagan finished off 2019 on a high note! Residential sales are up once again in December compared to this time last year. Like last month the year-over-year increase for the month was substantial. There were a total of 271 transactions which was a 39.69% increase over December 2018. Condo sales lead this sales growth with 74 sales, up a whopping 60.87% from the 46 sales last year. This trend is very promising.
The Pulse: Kelowna Market Review November 2019
November was a surprising month for real estate in Kelowna and the Central Okanagan with the market experiencing a flashback to the days of November 2016 and 2017. We came out of October with slowing sales and softening valuations only to experience the absolute strongest year-over-year gains of 2019 with residentials sales up 32.97%! With 371 sales reported for the Kelowna real estate market that far exceeded the 279 sales in November 2018 and is literally sitting very close to 2016 and 2017 which saw 378 and 395, respectively.
The Pulse: Kelowna Market Review October 2019
The Kelowna real estate market (and Central Okanagan) experienced a typical October with slowing sales and softening valuations. Overall residential sales were in fact up by 1.59% year-over-year though which suggests that our market is relatively stable right now; not changing due to policy or economic factors but trending inline with the past 3-6 months and down slightly due to the time of the year. With that being said sales of single family homes dropped from the same time last year for the first time since June. There were 383 residential homes sold in October compared to 377 in October 2018.
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!
The Pulse: Market Review July 2018
The Kelowna real estate market started the second half of 2018 continuing this year’s pattern for lower sales and greater inventory compared to 2017. Once again, the word on the street is, it’s a balanced market. However, a change from the past few month’s consistency was seen in valuation and not in the direction many thought it would. Kelowna and the Central Okanagan saw record breaking valuations with the average overall residential sale price increasing by 6.1% and the average single family residential sale price increasing by 9%, which both represent the largest month-over-month valuation increases seen since March