October Market Report.

By
Real Estate Sales Representative with RE/MAX Kelowna

So here we are Halloween is done, Daylight Savings is a memory speaking of memories, it is time for us to remember those on Remembrance Day that served and gave their lives for us. Then it will be time for Christmas decorations in the stores and Christmas songs everywhere. Are you ready for this last 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 this year.

From a real estate perspective, as I 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!”

I’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 I'm going with this? It's good to be prepared. Life, like real estate is best tackled when you are well prepared. Happy November!

Comments (10)

Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Steve - time is flying fast in Southern California.  Christmas decorations are already in place in many stores and holiday music is now playing 24/7 on one of the FM radio stations.  Tis the season, I guess.  

Nov 08, 2020 04:05 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Steve the past eight months in CA with Covid shutdown felt like two years to me or maybe that Diane was working from home??:)) Endre

Nov 08, 2020 06:05 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Endre Barath, Jr. 

Haha you made me laugh out loud!! Oh I hear you I too am not sure if it is Covid or Tracy, I will go with Covid so I'm in the doghouse! lol Thanks for stopping by and leaving such a good comment! 

Nov 09, 2020 06:16 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Michael Jacobs 

Thank you for stopping by and leaving me a comment. I think they should wait until after Remembrance Day to start with all the Tis the Season! I am happy to have Christmas decorations and music start around the middle of Dec.

Nov 09, 2020 06:20 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

All of this talk about snow - while I love a good one once or twice a year, I'm thankful I don't have to have equipment for our winters here in North Carolina! 

Great market report - things seem to be moving and shaking in your area, Steve!

Nov 11, 2020 07:11 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Debe Maxwell, CRS 

Thanks for taking the time to stop by. I don't like the snow at all. So we bought a place in Palm Springs to get away from the snow and cooler temps. 

Yes the market is moving really well now, not sure what is going to happen with this second wave our numbers are much higher than the first wave.

Nov 12, 2020 06:17 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

That's so scray, isn't it, Steve? Ours are too and it just seems there's no end in sight. I am thankful that we are having luck with the vaccine - SOOOOON, I hope!

Nov 12, 2020 06:32 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Debe Maxwell, CRS 

It certainly is Debe. Now with vaccine in the near future hopefully we can get a handle on these numbers. It will be interesting to see how many are going to be will to take it.

Nov 13, 2020 05:48 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Ha ha Steve is Tracy as challenging as Diane? for your sake I hope not:))) Keep in mind Debe Maxwell, CRS   met her so she knows I am not making up the stuff:)Endre

Dec 21, 2020 10:13 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Steve, it is time for a NEW POST happy Boxing Day to you:) ps.: are you a boxer? Endre

Dec 26, 2020 10:09 PM