September Real Estate Review.

By
Real Estate Sales Representative with RE/MAX Kelowna

The real estate business just keeps on churning out deals. An unusual year, to say the least! The good weather we are having is certainly helping but who would have expected the current level of activity through the summer and continuing into October?

Low inventory seems to be one big factor, low interest rates is another, but beyond that, it becomes a guessing game. Local buyers are certainly active but we are seeing unusual numbers of Canadians from places outside of the valley buying property - in town and at Big White. The questions are, how long will this continue and what will 2021 bring?

We have had years where the market remained active right through the winter. Is this going to happen again? Because nothing happening recently was forecast and the influence factors are so varied right now there is no way to predict the future with any confidence.

With that in mind, lets look at what the numbers for September tell us. “Hold on to your seats!”

• Total units for all residential sales in September rose by 83% compared to September last year. Astounding! This rise was fairly consistent through all categories from SFD, Condos, townhouses and lots. • Average house prices rose significantly year over year but the percentage increase doesn’t reflect the change in price of an individual home. Why? The number of sales of homes over $1M has jumped by over 104% which throws the average off. The median price is more realistic right now and it rose by 11% for September. Still significant.

• News listings in September are up by 18% compared to last September.

• The Days on Market is essentially unchanged at 66 days.

If  you have questions, call me. I can provide you specific facts on homes and properties that might affect you and your decisions. 

Comments (10)

Realtyna Inc
Realtyna - Newark, DE
Realtyna- MLS RETS Integration software & services

Hi Steve, great review of the September real estate market in Kelowna. A very unusual year indeed!

Oct 19, 2020 02:19 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Steve - real estate tends to underscore unpredictability at times, even in times many consider "normal".  Thank you for "spreading" your knowledge of Kelowna British Columbia real estate.  And beyond.  

Oct 19, 2020 04:51 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Steve. Interesting to see what is going on north of our border. Enjoy your day!

Oct 19, 2020 05:11 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Steve, great market update and glad to hear your market is thriving.  Keep it up! 

Oct 19, 2020 06:14 AM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Realtyna Inc 

Thank you for your comment. Yes it certainly has be a unusual year, start out strong in Jan and Feb then just died off for about 4 months no it is hot.

Oct 19, 2020 06:33 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Michael Jacobs 

Thank you for your comment. I have to agree real estate even in normal times is very unpredictable. Last year started off normal for me and then slowed right down in the last 2 quarters.

Oct 19, 2020 06:39 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Wayne Martin 

Thank your for stopping by and leaving a comment. 

Oct 19, 2020 06:40 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Joan Cox 

Thank your for stopping by and leaving a comment. I am hoping to finish strong since it sure didn't go that way in later half of the first quarter and second quarter.

Oct 19, 2020 06:43 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Steve, I have missed this post and I saw your comment on Anna Banana Kruchten CRS, CRS, Broker, Instructor AR has had issues with uploading pictures yesterday... so I am sure this is a continuation of the same issue, Endre

Oct 31, 2020 08:52 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Endre,

No worries, thank you for stopping by and leaving me a comment. Not like you would have missed anything real exciting. lol 

Nov 01, 2020 05:38 PM