Kelowna Real Estate News

December 2020 Stats

Single Family Homes 47% of listings selling
As we all know, this market has been breaking records since July.  Listings for December were the lowest they’ve been in the 20 years of data available, and sales are the highest they’ve been with the 30 years of sales data we have. So what’s driving all of this?  We’re still seeing a typical amount of homes being listed, but sales have been consistently 1.5x to 2x the average which continued to erode how many homes were for sale.  It dwindled more and more as the year went on while sales outpace new listings.  The 10-year average shows December’s having 837 listings (compared to only 410 in December 2020).  In short, we have double the sales, and half of the listings.  Although the average price is up 26%, that only tells us the average of what people are spending.  The average home has gone up in value by 15% since Jan 2020.

Townhomes 57% of listings selling
Townhomes continue to perform extremely well. We suspect the demand for them will continue to grow as single family homes become more out of reach for first time buyers and are attractive to downsizers and empty nesters. They lead all segments with an average time on market of 53 days, meaning they are the fastest to sell of all 3 property types. This makes sense based on their more affordable price point.

Apartments 27% of listings selling
The apartment/condo market still hasn’t caught fire. It’s slow to react, and it’s likely due to a combination of new buildings under construction, together with a desire for more rooms and more space with everyone spending more time at home.  Long term, we suspect this will boomerang back in 3-5 years.

Thinking of Selling? 

Send us an email or give us a call at 250-868-8000. Colin is happy to talk to you about whether selling makes sense or not for your situation.

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Major Cities Report


Record setting sales for the last several months of 2020

A total of 631 properties sold in the Victoria Real Estate Board region this December, 57 per cent more than the 402 properties sold in December 2019 and a 20.6 per cent decrease from November 2020. Sales of condominiums were up 61.2 per cent from December 2019 with 195 units sold. Sales of single family homes increased 58.6 per cent from December 2019 with 314 sold.

A grand total of 8,497 properties sold over the course of 2020, 17.1 percent more than the 7,255 that sold in 2019. 2020 sales came in close to one thousand sales over the ten-year average of 7,329 properties.


Strong December Activity

REBGV reports that residential home sales in the region totalled 3,093 in December 2020, a 53.4 per cent increase from the 2,016 sales recorded in December 2019, and a 0.9 per cent increase from the 3,064 homes sold in November 2020.

Last month’s sales were 57.7 per cent above the 10-year December sales average and is the highest total for the month on record.

“Robust December sales outpaced long-term averages in what’s traditionally the quietest month of the year in real estate. This was part of an unusual seasonal pattern the market followed last year, which can be attributed in large part to the pandemic.” -Colette Gerber, REBGV Chair


Highest December sales since 2007

With December sales of 1,199, this is the highest December total since 2007.

“Housing demand over the second-half of 2020 was far stronger than anticipated and nearly offset the initial impact caused by the shutdowns in spring. Even with the further restrictions imposed in December, it did not have the same negative impact on housing activity like we saw in the earlier part of the year,” said CREB® chief economist Ann-Marie Lurie.

Attractive interest rates along with prices that remain lower than several years ago have likely supported some of the recovery in the second half of the year. However, it is important to note that annual sales activity declined by one per cent compared to last year and remain well below long-term averages.


Residential Unit Sales up 31.47% compared to December 2019

For the month of December, single family home unit sales are up 26.44% from December 2019 and down 24.64% from November 2020 at 679. Condo unit sales increased 34.90% from December 2019 and decreased 18.30% from November 2020.

All residential average prices are up to $362,447, a 2.61% increase from December 2019, and down 3.77% from November 2020. Single family homes sold for an average of $428,900, a 4.24% year-over-year increase from December 2019, and a 2.32% decrease from November 2020. Condominiums sold for an average of $217,843, a 3.68% decrease year-over-year, and prices are down 5.57% compared to November 2020. Duplex prices increased 1.84% from December 2019, selling at $331,034, which was a 2.00% decrease from November 2020. Total year-to-date residential sales for 2020 came in at 17,036 – a 2.94% increase compared to 2019.”


Record December sales and new record in 2020 average selling price

Highlights from 2020 include:
• 95,151 sales were reported through TRREB’s MLS® System – up by 8.4 per cent compared to 2019. This included a record result for the month of December, with 7,180 sales – a year-over-year increase of 64.5 per cent.
• Year-over-year sales growth was strongest in the GTA regions surrounding Toronto, particularly for single-family home types.
• The average selling price reached a new record of $929,699 – up by 13.5 per cent compared to 2019. This included an average price of $932,222 in December – a year-over-year increase of 11.2 per cent. The strongest average price growth was experienced for single-family home types in the suburban regions of the GTA.
• After a pronounced dip in market activity between mid-March and the end of May, market conditions improved dramatically in the second half of the year, with multiple consecutive months of record sales and average selling prices.

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