It’s been a busy year in the Okanagan with back to back record breaking months. Everyone seems to want to move to the Okanagan and the market has been flooded with out of town buyers from Vancouver, Alberta, and Ontario. Many have cashed out on the rising value of their home in more expensive cities to relocate here, which drove the average price in the Okanagan up over $1 Million.
But are we starting to see the market cool off? The next few months will be telling. We’ve seen a “slowdown” in some areas although we are still way above market average. The smoke from the forest fires, covid travel restrictions, reinstated health mandates, and kids going back to school all have contributed to a slower market in August compared to previous months. We are also seeing many buyers holding off until the market cools down a bit so they are not facing as many multiple offer situations. Typically we see a slowdown during this time of year and then another busy period before winter kicks in.
We are seeing a lot of activity in the condo market, as it is the more affordable option for many. Condo sales are up 118% year-to-date in Kelowna, with inventory declining and sale price increasing. The condo and townhouse market are definitely seeing the biggest shortage of inventory and highest demand.
At the higher price point we are seeing a slowdown as well, which often signals a cooling market. But again, the end of August is always a slow time of year so the coming months will shed more light on where the market is heading for the rest of the year and going into 2022.
Central Okanagan Real Estate Market – August 2021
Average Price: $1,003,279
Days To Sell: 30
Average Price: $447,896
Days To Sell: 36
Average Price: $686,626
Days To Sell: 31
New Listings: 7,820 (up 6.87%)
Sales: 6,020 (up 71.27%)
Days To Sell: 47 (down 40.53%)
Biggest Movers Year-to-Date
Listings: Condos down 64.02% – Townhomes down 60.71% – Single Family down 47.87% – Duplex down 32.73% – Mobiles down 32.58%
Sales: Condos up 118.71% – Duplex up 71.25% – Single Family up 55.39% – Townhome up 53.98%
Average Sale Price: Duplex up 34.57% – Single Family up 26.65% – Condos up 21.99% – Townhomes up 21.61%
New Listings: 774 (down 17.22%)
Sales: 584 (down 17.75%)
Total Active Listings: 1,563 (down 50.80%)
Days to Sell: 42 (down 45.36%)
* Note: This is a comparison of August this year compared to the month of August last year. August 2020 is when the market activity took off.
Biggest Movers Month-to-Month
Listings: Duplex down 52.94% – Townhouse down 32.17%
Sales: Mobile down 41.67% – Single Family down 25.32% – Townhome down 30.28%
Average Price: Duplex up 88.12% – Single Family up 23.38% – Condo up 20.85% – Townhome up 17.74%