The November 2020 Kelowna Real Estate market review is now available. Scroll through 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.
Well, is it just me or is everyone else feeling like time is flying by? It’s hard to believe that Thanksgiving, Halloween, and Remembrance Day are in the rear-view mirror and Christmas is coming at us like a sleigh being pulled by 8 tiny reindeer. We feel like these market updates are being done every week.
like time is flying by? It’s hard to believe that Thanksgiving, Halloween, and Remembrance Day are in the rear-view mirror and Christmas is coming at us like a sleigh being pulled by 8 tiny reindeer. We feel like these market updates are being done every week.
As we move towards Christmas and the Holiday Season, I would like to suggest to everyone in these strange and trying times that it is more important than ever to support local businesses. Please think about how you can fill everyone’s Christmas wishes by supporting small businesses in the Okanagan. Everyone benefits when we support local.
It is a different year at our office as well. We are usually winding down to a bit of a slower pace starting mid-November but as with so many things, this year is quite different. The real estate market has remained busier than we are used to seeing in November. With less Christmas season socializing, December may be different as well.
The path we have seen over the past 5 months continued through November. The number of sales were 698 compared 405 in November
of 2019 and the number of listings only rose to 658 compared to 587 in November of 2019. With demand continuing to out-pace supply, our market will continue to see upwards pressure on prices. The average single-family house price rose to a new high of $856,856 compared to $752,004 in 2019. Keep in mind, with more high-end homes selling this “average” is not a real indication of general pricing. Until we see an increase in supply of more listings coming on the market this trend looks like it will carry into 2021.
So, however you celebrate the Holiday Season we, at RE/MAX Kelowna, want to thank you for your support this past year and wish you and your family a Merry Christmas, Happy Hanukkah, or Happy Holidays. From all of us to all of you, all the best for 2021!
JERRY REDMAN Owner/ Managing Director
