October Market Report

So here we are Halloween is done, Daylight Savings is a memory speaking of memories, it is time for us to remember those on Remembrance Day that served and gave their lives for us. Then it will be time for Christmas decorations in the stores and Christmas songs everywhere. Are you ready for this last part of the year? Will it be different from past years? It looks like we will all be trying to figure out how to approach it this year.

From a real estate perspective, as I have mentioned in several newsletters recently, it has been surprisingly busy the last 5 months. Things usually slow down in the winter months with fewer new listings and buyers. The Christmas season and the weather are major factors in this. What will we see this year?

If you are a buyer, stay engaged with your RE/MAX agent. Discuss the whole process from financing to insurance to style options and more. Be prepared for when you get a deal on paper. What steps will you need to take? Should you get legal advice? There are many moving parts to buying a home. Rely on your RE/MAX agent to help you get prepared.

For sellers, this may be a good time to begin the planning for listing and selling in 2021. Your RE/MAX agent can provide tips and hints to help reduce your stress. If you are thinking of doing some repairs or renos they can also give you good advice on what is worthwhile and what is not. Planning and preparation can go a long way to making the process of selling less stressful!

As we head into the cooler months, lets reflect on what happened in October. More startling numbers:  Total sales of all units rose 84% over October of last year. This is a similar rise to last month. 

Average house prices for the month rose significantly but this was more a result of more high-priced homes selling than the price of an “average” home selling. YTD, prices are up 12% on average and 10% with median home pricing. 

New Listings are up by 8% over last October. With sales up so much, such a small increase in listings means it is not surprising prices are rising. 

Days-on-Market have dropped to 59 from 69 at this point last year. 

Sales of homes over $700K are up significantly over last year with fewer homes under $500 even available for sale. The market continues to move at a brisk pace. We certainly do “live in interesting times!”

I’ll finish this month’s Newsletter with a few questions. Do you have your winter tires on yet? Washer fluid full? Snow brush and scraper in the vehicle? Do you see where I'm going with this? It's good to be prepared. Life, like real estate is best tackled when you are well prepared. Happy November!

September Real Estate Review.

 The real estate business just keeps on churning out deals. An unusual year, to say the least! The good weather we are having is certainly helping but who would have expected the current level of activity through the summer and continuing into October?

Low inventory seems to be one big factor, low interest rates is another, but beyond that, it becomes a guessing game. Local buyers are certainly active but we are seeing unusual numbers of Canadians from places outside of the valley buying property - in town and at Big White. The questions are, how long will this continue and what will 2021 bring?

We have had years where the market remained active right through the winter. Is this going to happen again? Because nothing happening recently was forecast and the influence factors are so varied right now there is no way to predict the future with any confidence.

With that in mind, lets look at what the numbers for September tell us. “Hold on to your seats!”

• Total units for all residential sales in September rose by 83% compared to September last year. Astounding! This rise was fairly consistent through all categories from SFD, Condos, townhouses and lots. • Average house prices rose significantly year-over year but the percentage increase doesn’t reflect the change in price of an individual home. Why? The number of sales of homes over $1M has jumped by over 104% which throws the average off. The median price is more realistic right now and it rose by 11% for September. Still significant.

• News listings in September are up by 18% compared to last September.

• The Days on Market is essentially unchanged at 66 days.

If  you have questions, call me. I can provide you specific facts on homes and properties that might affect you and your decisions. 

This home has the Location, Location, Location!

Great Family Neighborhood in Lower Mission. Nice 2 Story home well maintained home. 4 Bedrooms up with main floor family room. Walking distance to the lake, schools, shopping, Mission Creek Greenway and steps to Belmont Linear Park. One of the most desired areas of Kelowna. Ready for your updates! Please call or text Steve Higgins 250.864.7893 for more information.  Please leave Lights on and follow all required COVID Protocols.

3210 Broadview Road, West Kelowna

This 2360 sq ft updated home has 3 bedrooms and 3 bathrooms on almost 1 acre of privacy. Lake views and tons of parking for all your toys. Bright, open floor plan with easy suite potential. Backs on to ALR. Zoned RU4. There is development potential or perfect for your home based business. Half the garage is ideal for a home workshop. New Forced Air Furnace, ducts and air conditioning. New HWT, Windows, Kitchen & Bathroom Cabinets, Granite , Flooring, Light Fixtures & Paint. 

Please have buyers sign Covid 19 form for your file. Please wear gloves and masks and leave the lights on.

April Market Report.

How many of you felt like April was something like 287 days long? I know I sure felt it was. There were many quips like that on Facebook recently with lots of “LOL's . At times this does seem to be endless but as Dr. Bonnie Henry says, “It’s not forever but it is for now!” Are you feeling overloaded with news and reports about Covid-19? 

Let’s talk about some of the good things happening for a change. Are you spending less money on gas? Are your pets happier? Are you reading more? How about getting some fresh air, bike riding, walks or hikes? Time with your loved ones? In “normal” times it seems we spend too much money or find it challenging to find time for enjoyable pursuits. With some optimism on the horizon, this is a good time to make the most of the extra time right now and enjoy it. Yes, there are financial challenges, but we will come out of this. Let’s do our best to enjoy what we can and remember the good parts when this is all over.

Real estate! It’s a bit like the weather. Everyone likes to talk about it and most people have an opinion. It will come as no surprise to most of you that after a strong March, April was much slower this year. Sales are certainly down but they have not halted, by any measure. There are still people who need to sell and others who need to buy. This is the reason real estate is an essential service.

The good news is, there are fewer “tire-kicker” buyers and sellers. Those that are participating in this market tend to be very serious. Interestingly, new listings usually outstrip buyers at this time of year but the opposite is true right now. With fewer listings and serious buyers stepping up, prices actually rose by over 2.0% compared to April of last year.

The month ahead should be an interesting one. If, as predicted, the Provincial Government begins to lift some of the restrictions affecting the economy and people take small steps towards greater interaction, shopping, eating out and more, we believe real estate sellers and buyers will also begin to get more active too.

For everyone’s sake, a slow and steady opening of the economy will be best, but just knowing we are on that path will give everyone a shot of optimism. We anticipate the numbers for May will be up from April. 

February 2020 Market Report

With highs of +9C and some sunshine to mark a welcoming start to the first week of March. It should be safe to say the cold winter is behind us and the weather we are all used to is right around the corner.

On another positive note, housing is doing remarkably well in our marketplace. Units sold up 8.9%, number of sales YTD up 16.4%, residential house prices average up 9.8% and median up 6.5%  and units listed were all up February this year compared to last February.

Sales of properties listed below $440,000 declined but all price ranges above this rose significantly. February's total active listings also reflected the increase in sales with less inventory than we saw February 2019. If this trend that seemed to start in November last year continues, it looks like we are heading into a much more positive Spring for 2020. 

AVERAGE PRICE FOR FEBRUARY 2020

RESIDENTIAL - $734,799

TOWNHOMES - $503,487  

CONDOS - $351,814 

LOTS - $262,767  

UNITS SOLD -

FEBRUARY  2020 -316

FEBRUARY 2019 - 290

FEBRUARY 2018 - 367

FEBRUARY 2017 - 399

January 2020 Market Report.

What a way to be welcomed into February. A warm and rainy start thanks to a pineapple express that is making its way through the Okanagan. I have to say it’s better than the bone chilling start to February that we had last year. January has been quite the month, even though we seemed to have snow piling up everyday the real estate market continued to be busy and show signs of improvement.

Two notable things that have happened over the past few months are; inventories are down, and average and median single-family home prices are up. Good news for those wanting to sell.

Central Okanagan Inventories on all listing types have seen a cumulative decrease in January 2020 from 787 new listings in January 2019, to 655 new listings in January 2020, a decrease of 16.77 % year over year.

The average single-family home price in Kelowna for January 2019 was $688,886 and increased 5.15% to $724,367 in January 2020. The median price saw a similar increase from $642,500 in January 2019 to $674,450 in January 2020, an increase of 4.97%.

A couple of interesting stats to note are days on market and list to sell ratio. Central Okanagan Days on market for single family homes have risen for January from 77 days last year, to 84 days this year, an increase of 10.05% year over year. While in contrast, days on market for condos and townhomes have decreased dramatically in January 2020 compared to January 2019. The decrease for townhomes sales was 86 days to 68 days, a decrease of 21.14%, while condos saw a decrease from 78 days to 67 days, a decrease of 14.14%. The list to sell ratio of all unit types when comparing Jan 2020 to Jan 2019 remained constant with very little deviation from 96% mark.

I feel that these two stats show that we are continuing into a nice balanced market with homes that are well priced and in great condition attracting attention from ready and willing buyers. All in all, and with the above in mind, I believe the central Okanagan continues to be a place that everyone from the rest of Canada wants to call home. I hope you enjoy the longer and warmer days as we make our way into spring!