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.
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. We hope you enjoy the longer and warmer days as we make our way into spring!
— JERRY REDMAN, Owner/Director RE/MAX Kelowna