News
April Real Estate Stata for Kelowna
I think many had high hopes for March, myself included, that we might start to see sales picking up, but it wasn't as much as we'd all hoped. April and May are historically when markets shift and when the pace is set for the year. Of course, interest rates are another variable, with many calling for a subdued 0.75% decrease in 2024 (vs the 1.0-1.5% expected earlier this year).
April 5, 2024
News
March Real Estate Stats for Kelowna
As we move out of the two slowest months of the year (December and January), the market will start to build momentum. Listings have begun to ramp up, and we are still over the 10-year average for inventory. It's sales that are lagging behind in the numbers, but the market feels like it's waking up; the eyes are open, but it's still in bed.
March 11, 2024
News
February Real Estate Stats for Kelowna
It’s no surprise that it’s been a slow winter, and January was no exception. There seems to be some pent up demand waiting for interest rates to drop 1.5% this year, but I’m not sure that will fully come to fruition.
February 8, 2024
News
January Real Estate Stats for Kelowna
December was a slow month for real estate sales. This rounded out 2023 to be the slowest year in over 10 years, 30% lower than average, the least sales since 2011. Buyers have a reasonable selection, but there are still niche segments of the market with nothing or very little to choose from. For example, if you’re looking for a home or townhome backing a golf course under $1M there are very few properties available.
January 15, 2024
News
December Real Estate News for Kelowna
Unsurprisingly, Kelowna's slow market continued through November. We are deep in a buyers market where only the most attractively priced properties are getting any attention from buyers. I don't expect this to change through the winter until April/May time.
January 15, 2024
News
October Real Estate Stats for Kelowna
September was a tough month for our real estate market, just as August was a scary month for Kelowna and West Kelowna. The fire jumped the lake August 17 which put our market on immediate hold. Since most purchases have 2 weeks of conditions/subjects, anything that would have received an offer August 17-31, likely would have counted as a September sale based on when their conditions/subjects were removed. Ultimately, this resulted in a very poor September for Kelowna's real estate market, coupled with buyer interest rate holds expiring and a growing number of listings.
October 16, 2023
News
September Real Estate Stats for Kelowna
The fires certainly had a profound effect on buyers and will be reflected in the sales numbers, but not as much in August's stats as September's. Our sales numbers effectively lag by 2 weeks, as most buyers have 2 weeks of subjects (conditions) before it's considered sold. Sales and showings grinded to an absolute halt starting on the 18th after the fires crossed the lake. Forecasting ahead, it doesn't look pretty for September. The good news is that we havn't seen an impact on price yet, it's holding steady at the moment.
October 5, 2023
News
July Newsletter
June was an excellent month across all segments with condos and townhomes selling more than 25% of the listings, putting it in a sellers market. Single Family homes lagged a touch with only 21% of the listings selling. In all, it was a strong month.
July 15, 2023
News
June Newsletter
Kelowna's market continues to perform better than expected in May. The listing inventory is still slightly depressed and sales are climbing. This has pushed ALL segments back into a sellers' market for the first time in a year.
June 15, 2023
News
April Newsletter
We are now exactly 1 year after the peak of the market in March 2022 and it's the first time we've seen upward movement since. All segments have stepped up from a buyers/balanced market, firmly into balanced market territory, and condos even are dipping their toes into a seller's market.
April 15, 2023
News
March Newsletter
As we transition away from the historically two slowest months of the year, February saw listings and sales climbing together. This has resulted in a consistent 16% of listings being sold across the board, keeping us on the cusp of a balanced market.
March 15, 2023
News
February Newsletter
The stats from the first month of 2023 are out, and although they are painting a dire picture, the sentiment feels different. The last few weeks have not only felt busier but also seem busier. Many lower-priced properties have pending offers, even backup offers. I was involved in 2 sets of multiple offers in January as well - unexpected.
February 15, 2023