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.