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 longer days on market.
Inventory, 667 currently active listings, which is not overly substantial, it is up about 10% of where it was last year, There are new builds that are coming to completion which if the pre-sold homes end up hitting the market which we may see an increase in supply. However with the rental market being tight and the movement of people to Kelowna from outside the Central Okanagan the chances of if it was originally planned to be a rental, there is still a good chance as long as they can complete (didn't lose their job) on the purchase that it still will be rentable. Solds. In August we saw 146 (29 sales in Age Restricted Complex's) and July 150 sold which is the highest amount of sold condo's that we have seen since May 2018 of 148. The demand is not only in single-family homes, there is a strong push on condo's as well. Over the course of 2 year the average amount of monthly condo sales in a month is 103 the current trend looks promising for home sellers. Days on Market. The average days on the market was 69 this August vs 74 last year in August. The days on market for condo's in August was less than the overall market of 76. Months of inventory for 4.57 months which is the lowest it has been since October 2018, With the age-restricted complexes being substantially lower at 3.59. Prices The prices seem to be holding steady, in August the average condo price sold was $340,000 this was up from the 2 year average of $330,000. Looking at the average age-restricted condo prices for $273,000 up from the 2 year average of $267,000. Despite the drop in supply and strong demand in the age-restricted condo market even though the buyers are normally on a fixed income, we still saw a relatively same increase, which is common for the time of year. Looking at the supply and demand the condo market appears to be going strong. The condos may not be as hot right now as the single-family home market however, things are still moving and we are still seeing reduced supply in certain instances. Right now the condo market is holding its own and appears to be balanced in comparison to the single-family home market which is leaning towards a hot seller's market. Reach out if you have questions, Have a great week. -Mark