Kelowna COVIDE Market Update May 2020


Kelowna Getting Back To Business

Our real estate board generated 145 residential sales in May as well as 53 condo apartment sales. These numbers are down sharply compared to May of 2019 when we sold 264 residential homes and 123 condos.
Taking a look at prices the situation isn’t as bleak. The average sale price of a residential home remained unchanged at $751,000 while condo apartments dropped from $360,000 to $321,000. The sample sizes for both groups aren’t large enough to make any conclusions about pricing but we can conclude a few things from all of this. Here goes.
Firstly, our real estate market still has a pulse and our industry has been able to put and keep deals together during this pandemic. There will always be a segment of the public who need to sell and at the same time, there are buyers who just can’t wait a few months for whatever reasons. We’ve been able to accommodate these people and realistic buyers and sellers have been able to come to terms on contracts when necessary.

Good News

Some more good news. May was better than April and June is going to be better than May. Sure, the sales numbers are a bloodbath but they’re getting better as we get used to doing business with facemasks, hand sanitizers and not touching anything in other people’s houses. The second quarter’s numbers will be sobering once they’re in next month the general feeling in our industry is that this could have been a lot worse.

Still Open For Business

There will continue to be uncertainty with a lingering fear of getting sick, high unemployment numbers, fewer out of town buyers, difficulty gaining access to tenants’ homes, predictions of price drops and possible higher minimum down payment requirements but we’ll slowly navigate through this. People thought the real estate industry has proven to be pragmatic and so far we’ve been able to adapt and serve the public. In other words, we’re still open for business.
Thanks for reading and please share this with family or friends thinking of buying or selling

Andrew Smith - RealtorLiving 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

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