July 2020 Market Update

The weather is heating up and real estate for the month of June did too!

Our brokerage as a whole experienced a busy four weeks with multiple and competing offers and full priced contracts. We are seeing an increased number of out of town buyers from Greater Vancouver, Calgary, Edmonton and Winnipeg. As expected, as traveling restrictions have started to soften people began to reconsider their quality of life and the possibility of permanently working remotely from home.

The Okanagan Mainline Real Estate Board showed that June sales were up 19% compared to June 2019 (single family homes). There were 261 homes that sold last month (all price ranges, Peachland to Oyama) compared to 213 that sold in June of 2019. The average price of a home has also increased to $748,428 (third highest it has ever been in Kelowna) from $692,246 last June.

90% of properties sold were under a million dollars, 37 homes sold over a million dollars, and only three properties sold over two million dollars. Interestingly, the number of lot sales were up by 44% in June compared to 2019 – indicating that the consumer confidence has returned to Kelowna’s housing market.

July has not slowed down! We are still experiencing bidding wars and fast acting purchasers on our listings. If you are curious if the current market aligns with your wants and needs, we are always available and happy to help.

We also wanted to thank all of our clients for voting us the best realtor team/brokerage for the 8th year in a row! We feel fortunate to live and work in this wonderful community and we thank you for your support.

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