Market Update June 2021
Is the Kelowna housing market finally cooling off or can we continue to expect multiple offers, escalating prices, and higher levels of frustration?
It appears that things are stabilizing in terms of the number of properties selling and the market might be settling in to a comfortable but still active 180-190 transactions per week. We can handle this amount of volume as long as more properties come up for sale and buyers continue to see Kelowna as a blue chip housing destination. Yes and yes to both questions.
Warning, lots of math coming up. Below is an overview of the weekly number of sales reported to our real estate board. Everything is included from mobile homes and bare lots up to lakefront mansions.
Week Number of sales
|Week||Number of sales|
|Jan 31-Feb 6||192|
|Feb 28-Mar 6||203|
|Mar 28-April 3||212|
|Apr 25-May 1||215|
|May 30-June 5||188|
What complicates things even further is that there are so few homes for sale. There are 467 residential single family detached homes for sale as well as 346 apartment condominiums. Irrespective of that elephant occupying the living room, overall sales numbers look like they will continue to be in the 170 to 185 range throughout the summer.
We will likely be talking about March and April 2021 for years to come for a number of reasons. Those months proved every expert wrong who predicted a housing slowdown and multiple offers with few conditions and high deposits became the norm in just about every price bracket. This makes things especially tough for buyers who would normally prefer to pause and think about buying decisions and aren’t comfortable making quick six and seven figure financial decisions immediately after seeing a property.
As for me, I celebrated my 58th birthday yesterday and Jo-Ann organized a back yard birthday party and combined it with our son Emmet’s graduation from Okanagan College. Nothing too crazy and it was nice to have some people around the house again. I’m headed to Toronto for a couple of days later this month for the Olympic swimming trials. Kierra is trying for a spot on her second Olympic team so even if they don’t allow fans I’ll tailgate from the parking lot. It will be nice to get a few days off.
Thank you for reading
Living in Kelowna,
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
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For more information https://www.okanaganbc.com/