century 21 kelowna Archives - Joan Wolf, Big White REALTOR®

It’s been a fairly cool start to May in the Okanagan but the same cannot be said for the real estate market. Although it has slightly shifted to a more level market, it still remains to be a hot spot for many home buyers. We are finding it’s not just locals who are moving up from condos and buying single family homes. There are many buyers coming from out of province, and even out of country to purchase their own piece of paradise in Kelowna. And who can blame them!? The Okanagan, Kelowna in particular is the most amazing place to live.

There are countless opportunities in the city in careers, adventures, and your real estate portfolio. This summer is shaping up to amplify all three with many events making a come back after a two year hiatus. This brings more revenue to the city and with many tourists visiting the city, real estate will remain strong.

May in the Okanagan- Real Estate Recap

Real estate in April marked a decrease in number of units sold compared to April 2021. But that’s not to say they are low. They are just lower in comparison to the record breaking 2021 we saw. We are still seeing a fairly low inventory, which we know has been driving up the home prices, but it is starting to transition to a more stable environment.

The average days to sell is still on the decrease. Single family homes are sitting on the market just 22 days on average. Condos and townhomes are also seeing big decreases in days to sell. Townhomes dropped 54% compared to last April – with an average of 19 days on market.

Lakeview Heights in West Kelowna and South East Kelowna continue to be sought after neighbourhoods. These are popular with buyers because of the spaciousness of the homes, the peaceful settings, and larger lot sizes. Other neighbourhoods that are also popular are Joe Rich and Lake Country.

From affordable fixer uppers to large commercial lots, there are plenty of sales happening in the Okanagan. Like the 11 million dollar commercial deal on Truswell that I just firmed up, and the many single family homes throughout the region. I may specialize at Big White, but I’ve been bringing my expertise to the Okanagan and expanding!

Summer is just around the corner here in Kelowna. I think I can speak for all of us when I say that Kelowna in the summer is unmatched. Whether you are enjoying it in your backyard pool at your home in Lower Mission, or at a beach just down from your downtown condo, its the reason most of us live here.

If you are looking to purchase a piece of Kelowna to either start, or build your real estate portfolio, I am happy to assist you along the way. Feel free to contact me here or give me a call at 778-231-0308

Kelowna, the third largest metropolitan area in BC, has been a hot spot for real estate for the past few months. The lifestyle that Kelowna provides is appealing to everyone. An active outdoor lifestyle is what everyone is looking for these days especially within these restricting times. With people working remotely the mass exodus from metropolitan cities continues. People from Ontario, Alberta, and Lower Mainland are flocking to the Okanagan and falling in love with the valley. With many non-locals being drawn to the area, we saw 23% of purchases with buyers from the Lower Mainland/Island compared to 51% of buyers from within the board. So let’s take a look at the Kelowna Real Estate Market Stats.

Kelowna Real Estate Market Stats

With that, we have been seeing a major increase in single family home sale prices and a large decrease of that same inventory. February saw a benchmark price for single family homes at an astonishing $776,300. An increase of 17% from the same time last year. If that statistic doesn’t shock you, the listing inventory will. With a decrease of 51%, February had just 388 active listings. Days to sell are also down, about 40%, to just 44 days on average.

Single family homes remain sought-after; however, the condo market is steadily increasing for those who enjoy the low maintenance, lock and leave lifestyle. In February 2021 there were 183 sales, an increase of 108% compared to February 2020. Inventory is also sitting at 23% below last years. Kelowna’s condo market will be seeing a large increase of availability with new developments and proposals.

With many of the new listings, especially single family homes, getting multiple offers, the final sale price is often going above the list price. Competitive buyers are winning offers by agreeing to less subjects, quicker removals, and of course, higher prices. As agents we are seeing an increase of listing notes with “Sellers will review all offers by such and such date.”. This allows any interested buyers to view the property in an allotted time and make an informed not rushed decision.

March continues to show us that the market is not slowing down. If anything, it’s getting crazier. Buyers are feeling the stress of not being able to find a place, and sellers are wondering if now is the right time to list. With so many questions going around, I am always happy to answer any that you may have. You can always contact me here to have a chat. You can also check out all of my current Kelowna listings here.

May in the Okanagan

May in the Okanagan- Real Estate Recap

Kelowna Real Estate Market – March 2021

Kelowna Real Estate Market Stats

Check out my latest SOLDS in Kelowna & Area!

Joan Wolf