Here is the May 2020 Kelowna Real Estate Review from our managing brokers at RE/MAX Kelowna. Click here to download the report as a PDF. You can also view past reports here.
In the days before hand-held devices or even Gameboy, when our family drove somewhere that took a few hours, I remember hearing “Are we there yet?” from the kids. Managing safe practices and staying home feels a bit like those endless drives right now. But just like those drives, we will get there when we get there and, in the meantime, we must continue to do the right things.
At this point I am happy to say optimism seems to be a growing feeling. With care and caution still at the forefront, we are seeing a noticeable increase in activity with more agents dropping into the office and certainly more listings happening and deals being written. In BC we have been fortunate to not only flatten the curve of Covid-19 new cases but to see a steep decline in the number of cases. While optimism and increased real estate activity is good, we must ensure we don’t relax our safety practices and cause a spike leading to a tighter shutdown again. We can do this!
So, how are the numbers stacking up for May compared to what happened this April and last year? While we are still well off our numbers from last year, the trend is clearly one of improvement compared to March and April of this year. Where April sales numbers were down 52% over the previous year, May is down just 42% compared to May of 2019. This is significant!
In addition, overall sales in May this year were up 42% over April which is trending in the right direction. May definitely felt much busier than April and the numbers are proving it. With each week that passes, the activity level continues to strengthen, and buyers and sellers are getting increasingly active.
The strong cautionary note here is, however, we must all continue to do our part and as real estate agents, to conduct our business safely. We have strict office protocols for listings and for buyers that our agents are all required to follow. Those protocols have not been relaxed. Client and public safety remain our priority and these protocols will continue to be applied. More retail stores, restaurants and other businesses are beginning to open. If proper safety protocols are in place and everyone respects and follows them, BC will manage Covid-19 well and begin to recover our economy over the next weeks and months.
On a separate yet vitally important note, we would like to express our heartfelt sadness for what is happening in the United States at this moment. In a letter of everyone at RE/MAX, Adam Contos, our CEO said on June 1st “We have a lot of work ahead of us to bring healing. I’m asking our membership to listen, learn, and lead with love and kindness. Listen to those hurting and hear them. Learn how to be a better ally. And be leaders within your communities, with empathy, kindness and love for all.“
We wish our American neighbours well resolving this challenging time. We all have a role to play. We must be the best we can be, for everyone!
— PETER KIRK Owner / Managing Broker
