OCTOBER Real Estate Review · 2020. 10. 11. · Year to date MLS® statistics for Central Okanagan...
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CHRIS CYCA $ 8 5 0 , 6 3 4 $ 3 9 7 , 6 4 8 $ 3 8 7 , 8 0 3 $ 5 5 8 , 7 4 9 R E S I D E N T I A L T O W N H O M E C O N D O S L O T S AVERAGE PRICE FOR OCTOBER 2020 2 , 5 2 6 2 , 4 5 7 3 , 1 9 7 3 , 1 3 2 2 0 2 0 2 0 1 9 2 0 1 8 2 0 1 7 OCTOBER ACTIVE LISTINGS 7 7 4 5 6 3 4 0 3 4 1 9 2 0 2 0 2 0 1 9 2 0 1 8 2 0 1 7 OCTOBER SOLDS So, here we are, Halloween is done, Daylight Savings is a memory and its time to get ready for Christmas decorations in the stores and Christmas songs everywhere. Are you ready for this next part of the year? Will it be different from past years? It looks like we will all be trying to figure out how to approach it all this year. From a real estate perspective, as we have mentioned in several newsletters recently, it has been surprisingly busy the last 5 months. Things usually slow down in the winter months with fewer new listings and buyers. The Christmas season and the weather are major factors in this. What will we see this year? If you are a buyer, stay engaged with your RE/MAX agent. Discuss the whole process from financing to insurance to style options and more. Be prepared for when you get a deal on paper. What steps will you need to take? Should you get legal advice? There are many moving parts to buying a home. Rely on your RE/MAX agent to help you get prepared. For sellers, this may be a good time to begin the planning for listing and selling in 2021. Your RE/MAX agent can provide tips and hints to help reduce your stress. If you are thinking of doing some repairs or renos they can also give you good advice on what is worthwhile and what is not. Planning and preparation can go a long way to making the process of selling less stressful! As we head into the cooler months, lets reflect on what happened in October. More startling numbers: * Total sales of all units rose 84% over October of last year. This is a similar rise to last month. * Average house prices for the month rose significantly but this was more a result of more high-priced homes selling than the price of an “average” home selling. YTD, prices are up 12% on average and 10% with median home pricing. * New Listings are up by 8% over last October. With sales up so much, such a small increase in listings means it is not surprising prices are rising. * Days-on-Market have dropped to 59 from 69 at this point last year. * Sales of homes over $700K are up significantly over last year with fewer homes under $500 even available for sale. The market continues to move at a brisk pace. We certainly do “live in interesting times!”. We’ll finish this month’s Newsletter with a few questions. Do you have your winter tires on yet? Washer fluid full? Snow brush and scraper in the vehicle? Do you see where we are going with this? It's good to be prepared. Life, like real estate is best tackled when you are well prepared. Happy November! - PETER KIRK Owner / Managing Broker Not intended to solicit properties currently listed for sale/under contract. Based on MLS® active listings taken & sold units as reported by OMREB in 2017 - YTD 2020 for Central Okanagan. RE/MAX Kelowna - an independent member broker. Months of residential inventory taken from OMREB residential properties in the Okanagan. OCTOBER Real Estate Review MONTHS OF INVENTORY RESIDENTIAL 2.87
Transcript of OCTOBER Real Estate Review · 2020. 10. 11. · Year to date MLS® statistics for Central Okanagan...
CHRIS CYCA
$850
,634
$3
9
7,648 $387,80
3
$558,749R
ESI
D
ENTIAL TOWN H
OM
E
CONDO
SLO
TS
AVERAGEPRICE FOROCTOBER
2020
2,52
6
2,457 3,19
7
3,132
2020 2019
2018
20
17
OCTOBERACTIVE
LISTINGS
77
4
563 40
3
419
2020 2019
2018
20
17
OCTOBERSOLDS
So, here we are, Halloween is done, Daylight Savings is a memory and its time to get ready for Christmas decorations in the stores and Christmas songs everywhere. Are you ready for this next part of the year? Will it be different from past years? It looks like we will all be trying to figure out how to approach it all this year.
From a real estate perspective, as we have mentioned in several newsletters recently, it has been surprisingly busy the last 5 months. Things usually slow down in the winter months with fewer new listings and buyers. The Christmas season and the weather are major factors in this. What will we see this year?
If you are a buyer, stay engaged with your RE/MAX agent. Discuss the whole process from financing to insurance to style options and more. Be prepared for when you get a deal on paper. What steps will you need to take? Should you get legal advice? There are many moving parts to buying a home. Rely on your RE/MAX agent to help you get prepared.
For sellers, this may be a good time to begin the planning for listing and selling in 2021. Your RE/MAX agent can provide tips and hints to help reduce your stress. If you are thinking of doing some repairs or renos they can also give you good advice on what is worthwhile and what is not. Planning and preparation can go a long way to making the process of selling less stressful!
As we head into the cooler months, lets reflect on what happened in October. More startling numbers:
* Total sales of all units rose 84% over October of last year. This is a similar rise to last month. * Average house prices for the month rose significantly but this was more a result of more high-priced homes selling than the price of an “average” home selling. YTD, prices are up 12% on average and 10% with median home pricing. * New Listings are up by 8% over last October. With sales up so much, such a small increase in listings means it is not surprising prices are rising. * Days-on-Market have dropped to 59 from 69 at this point last year. * Sales of homes over $700K are up significantly over last year with fewer homes under $500 even available for sale.
The market continues to move at a brisk pace. We certainly do “live in interesting times!”.
We’ll finish this month’s Newsletter with a few questions. Do you have your winter tires on yet? Washer fluid full? Snow brush and scraper in the vehicle? Do you see where we are going with this? It's good to be prepared. Life, like real estate is best tackled when you are well prepared. Happy November!
- PETER KIRK Owner / Managing Broker
Not intended to solicit properties currently listed for sale/under contract. Based on MLS® active listings taken & sold units as reported by OMREB in 2017 - YTD 2020 for Central Okanagan. RE/MAX Kelowna - an independent member broker. Months of residential inventory taken from OMREB residential properties in the Okanagan.
OCTOBER Real Estate ReviewMONTHS OF INVENTORYRESIDENTIAL2.87
Year to date MLS® statistics for Central Okanagan area as
provided by OMREB.
CENTRAL OFFICE DOWNTOWN BIG WHITEDOWNTOWNWESTSIDE
Central Okanagan Monthly Statistics as Reported by OMREB - OCTOBER 2020
Stat Comparison OCTOBER 2019 vs. OCTOBER 2020
Number of Sales by Month 2020
774419
Number of Sales Year to Date 2020
4,246 5,097
Residential House Prices by Month 2020
Average $681,861 $850,634
Median $640,000 $750,500
Residential House Prices Year to Date 2020
Average $700,068 $790,243
Median $650,000 $715,000
Number of Units Listed 2020
736 797
Days to Sell by Month - Residential 2020
69 59
Days to Sell Year to Date - Residential 2020
2019
2019
2019
2019
2019
2019
201962 64
Single Family Sales by Price YTD OCTOBER 2020
Price Range 2019 2020
$0 - $319,999 11 8
$320,000 - $439,999 78 57
$440,000 - $559,999 330 228
$560,000 - $699,999 505 581
$700,000 - $999,999 511 751
$1 M and Over 145 335
Active InventoryCentral Okanagan - OCTOBER 2020
Residential Condo Mobiles Lots
666 571 79 317
Townhomes
261
2020 MARKETSHARE REPORT
CHOOSE WISELY. CHOOSE .
BASED ON DOLLAR AMOUNT OCTOBER 2020 AS REPORTED BY OMREB FOR CENTRAL OKANAGAN.
Not intended to solicit properties currently listed for sale/under contract. Based on MLS® active residential listings taken & sold units as reported by OMREB in 2019 and YTD 2020 for Central Okanagan. RE/MAX Kelowna - an independent member broker.
LISTS MORE, SELLS MOREAND GETS MORE RESULTS!
24.3%
9.4%
Century21
4.3%
12.8%
ColdwellBanker
1.4%
23.8%
RoyalLePage
0.5%
SuttonHymark
2.3%4.1%
17.1%
All OtherBrokerages
RE/MAX®2%Realty
VantageWest
MacdonaldRealty
SageExecutive
Group
KELOWNA & AREA RESIDENTIAL HOME SALESSINGLE FAMILY HOMES - PEACHLAND TO OYAMA
RE/MAX Kelowna - An independent member broker. Based on MLS® Active Listings Taken & Sold Units as Reported by OMREB for dates shown for Central Okanagan.
50
100
150
200
250
300
350
400
450
500
JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC
354
RESIDENTIAL INVENTORY VS MONTHLY SALESCENTRAL OKANAGAN 2020
2300
2150
2000
1750
1600
1450
1300
1150
1000
750
600
450
300
150
0
TOTAL RESIDENTIAL SALESTOTAL ACTIVE RESIDENTIAL INVENTORY
RESIDENTIAL HOUSING
1,7191,794
283
2,136 2,110
383
205
2,206
278
483
2,3932,543
690739
2,519
658
2,343
250
1,932
708
Year to date MLS® statistics for Central Okanagan area as
provided by OMREB.
CENTRAL OFFICE DOWNTOWN BIG WHITEDOWNTOWNWESTSIDE
