The August 2020 Kelowna Real Estate market review is now available. Scroll down to see how well the Central Okanagan market is doing. Click here to download the report as a PDF. You can also view past reports here.
So, what does normal look like to you now? It means many different things to different people. For some, their lives have changed completely. For others, it has been more of an adjustment. A big one, but still, an adjustment. The only consistency is a complete lack of just that, consistency. We have had to make significant changes in our industry just like so many
others. While the surface of buying and selling may seem busy but calm, like the duck swimming, but looking behind the scenes is like peeking under water and seeing what it takes for the duck to move along.
Between significant rule changes two years ago and our current pandemic, our agent’s professional lives have been turned up-side-down. Mandated safety protocols, meeting seller and buyer specific safety expectations, more questions and longer answers, extra research and care really separates the professional, fulltime agent from the others. To manage these serious times and to protect our clients and ourselves, we need to take extra steps and get it right! Our agents are here to not only help you buy or sell a home but to also help protect you and your family. At RE/MAX Kelowna, we are full-time, professional agents!
When it comes to normal, we are not using that word much to describe the current Okanagan real estate market. One day it feels like a buyer’s market then some things happen that suggest it is a seller’s market. We see multiple offers every day which normally results in rapid price increases. Interestingly, while buyers are willing to get into competing offer situations, they are still being cautious on their price offer and therefore prices are not taking off.
While inventory is low, pricing still matters, and over-priced homes are still not getting much action. It is a busy market right now and the special requirements of the Pandemic has added to the challenges. It is especially gratifying to see everyone working together to help one another in so many ways.
The numbers: Residential sales for August were up 30.8% compared to last August and YTD sales have finally surpassed this point last year by 3.9% YTD. Average and median prices, on the surface, indicate a fair rise but that is skewed somewhat by the huge rise in sales in the higher end. Property sales over $1M are up 76% over last year which throws the average out by quite a bit. Prices are rising a bit but using the average formula does not tell the real story. Days-On-Market are about the same as last year at 61 days, and the number of properties listed in August are down slightly (2.4%) from August last year. The bottom line: Lot’s of activity but things are not running away and prices within most price ranges are rising only marginally.
Last comment. It may seem early, but have you scheduled your irrigation blow-out yet? How about a furnace and hot water tank check? Make the appointments now before the service people get too busy. Good planning for good outcomes!
Happy September everyone. Enjoy the great weather ahead.
– PETER KIRK Owner / Managing Broker
Enjoyed the August 2020 Kelowna Real Estate review? Stay tuned for next months market review!
