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Cold, Warm, Hot

Last week we looked at the percentage of new listings sold by each neighbourhood, but what does the entire market look like since the pandemic started? When the pandemic started there was a lot of uncertainty throughout the world, who am I kidding there still is an amazing amount of uncertainty, I am not even sure any question we originally had has been answered, we are just learning to live with the new normal. With that uncertainty, my economics background kicked in and I immediately started to monitor the inventory levels on a weekly basis. Everyone was predicting a housing crash, all though this still very well could be a possibility down the road for the short term it has not come to f

The Top 5 Hottest Area's In Kelowna | Real Estate Market Update

Since the pandemic started we saw an initial slow down in sales as everyone was locked up. As the economy opened back up in the middle of May the market has been taking off and showing no signs of slowing down. With July and August seeing a record number of sales, 39%, and 47% respectively increase in sales over the same time last year. The amount of sales does not match the unemployment numbers we have seen. Whether it is a temporary surge or demand will continue time will tell. This graph shows the number of sales over the past 2 years, April you will see the initial dip when the quarantine was on, and as the economy opened back up the increase in sales steadily shot up on steep curve. Rig

Who is buying during the Pandemic?

Every month the Okanagan Mainline Real Estate Board sends out a survey to Rea Estate Agents that had made a purchase in the month to get a sense of what the situation of the buyer. The August survey will not be available until next month, however, looking at the months during the pandemic and the type of properties buyers were purchasing. Despite British Columbia battling an unemployment rate of 10.7% in August the housing market has substantially outperformed last year's numbers in July and August. The types of properties being purchased can give us a bit of insight on who is making the purchases and if there are any new trends. 58% of buyers in July from within the board in comparison to Q

Kelowna's Condo Market | Buying or Renting

Right now the housing market is on fire, a lot of the action is happening with the single-family homes as people are looking for space and downsizers are not quite ready to trade in the yard for the corner unit. The June buyers survey indicated 42% of buyers in the Central Okanagan were from outside the area 26% of which were from other areas of BC, With some fears of a second wave of the virus coming this fall and people being less likely to move to a condo building from a home, As we head into a normally slower time for sales and a time when we often see inventory start to rise, I take a look at the overall pulse of the Condo market to see how it may fair against increased inventory and

Okanagan Real Estate Market August

697 total Residential sales in August Up from August 2019 of 472, Down from July 2020 of 731. 2,822 total listings down 15% from August 2019 of 3319 and July of 3027 August Days on Market was 76 which was similar to July and up from 68 from the same time last year. 1375 New Listings in August very similar to last August of 1368 Single Family Residential Homes 348 total Residential sales in August, UP from August 2019 of 211, Down from July 2020 of 368. Current inventory at 1184 ( Down from last August 1592 and down from July inventory of 1289 The median sale price was $749,000 up from $690,000 last year Townhome Sales 110 Sales in August which is up from 79 from last August Current inventor

 

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