January 2021 Surpasses January 2020 Kelowna Market Update

January 2021 VS January 2020 There were 50 residential sales in Kelowna last week bringing the total number of transactions this year up to 150. We have already surpassed January 2020’s totals with a week to go so hopefully this will be another strong year. 16 of the homes sold last week were over $1 million, including one that sold over $4 million, so the high end of the market is active early. There were 61 new listings brought to market last week in every price point. There are now 497 residential homes for sale in Kelowna so inventory is still low, even for January. Everyone is holding their collective breath hoping more inventory comes to market soon as it’s challenging for buyers who are accustomed to more choice. We only have 6 foreclosures for sale in our market. There were 34 apartment condos sold last week bringing the monthly total up to 81 for January year-to-date. This is a pretty good start to the new year. There are 378 apartments condos for sale in Kelowna in all shapes and sizes including 44 new listings last week. Same story here with not enough product to show buyers and conditions tightening when they would normally be expanding. Still early though.

Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01
For more information https://www.okanaganbc.com/