How's the Market You Asked?

Real Estate Sales Representative with RE/MAX Kelowna

The ski hills are busy and winter may not be officially over but the temperatures are rising and the sun is shining! Walking trails are also busy and bicycle riders are getting the cobwebs off their bikes as we speak.
I don’t want to jinx this trend but the weather reports are telling us warmer weather is on the way. With being cooped up all winter and no ability to travel for many, we see a continued surge in real estate activity.

If you thought recent numbers were high, take a look at these:

Total sales for February rose by 137% from last year rising from 315 sales to 749. The time it takes to sell a home has dropped to almost half the time from last year as prices continue
to rise.

By-the-way, listings also rose a good amount (905 properties or 16%) in February and for the first time in a while we had more new listings than sales.
The average and median prices are up by 23% and 24% year over year but don’t be fooled by this. The Home Price Index (HPI) is a much better gauge of where prices are going. The
HPI tells us what a home would sell for this year compared to the same home selling a year ago.

This is better than an average or a median price because those comparisons do not account for changes in volume in different price ranges.
For example, in Glenmore, January ’20 to January ’21 the HPI index had a rise of 16% whereas the average rose by 23%. If you care how the price of your own home has
changed in one year, the HPI makes much more sense to use. 

Out-of-town buyers continue to flock to our valley. Recent economic news indicates the Kelowna area will continue to show strong population growth in the decades ahead as
people make lifestyle decisions about where they want to live. Kelowna seems to be high on the list of places to move to in Canada for those now working from home.

Happy March everyone. It will be nice to spread out a bit outdoors so enjoy and be safe!

Comments (9)

Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Loved your comment about warmer weather we are freezing here in the low fourty's and fifties at night:))Endre

Mar 04, 2021 11:16 PM
Steve Higgins

Hi Endre Barath, Jr. 

Haha those temps are our day time highs this time of the year if we are lucky!!! I'm sorry I just can't feel for you!! lol On the bright side our golf course opens next week! Thank you for your comments. I hope all is well with you guys.

Mar 05, 2021 05:39 PM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Steve - the real estate news, economic outlook and the upcoming Spring weather forecast in and around Kelowna British Columbia all seem to be favorable in anticipation of good times going forward in 2021.  

Mar 05, 2021 03:46 AM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Michael Jacobs,

Thanks for your comments. I couldn't agree more! It is all good news especially the warmer weather coming our way. We are use to being in the desert for the winter not in the snow, however I have to say it was a very mild winter so I really can't complain. I did manage to sneak down for a couple of weeks as we had a reno done and the contractor wanted his final payment. 

I hope all is well with you.

Mar 05, 2021 05:43 PM
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 update, and we are still seeing LOTS of skiing still here - lots of snow!

Mar 24, 2021 07:26 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Steve so sorry you can not feel my pain, now keep in mind I lived in Austria, Germany, Hungary and on the East coast NY, CT & MA  for about 40+ years I guess I am entitled for a break and oh boy I complain when it goes below 52 degrees, just as I complain when it goes over 74 degrees:))))))))))))))))))))))Endre

Mar 27, 2021 10:14 PM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

It's fun to read this post from March, knowing what we know now, that was the month the market started to change here in San Diego...looking forward to a new post soon Steve!

Aug 07, 2022 07:06 AM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets 

Thank you for your comment. Yes knowing what we know now! Should have bought a few properties myself as the market just kept going up. We have slowed down now and our prices are still high but not as high as they were in the spring. I have retired so I probably won't be post much as I'm not as in tune with the market. 

Aug 08, 2022 05:52 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Joan Cox 

Thank you for your comment, I am sorry I didn't see it until now!

Aug 08, 2022 05:54 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Endre Barath, Jr. 

I am sorry I just saw your second comment now. I am the same way I don't like it cold nor do I like it really hot, 70's to mid 80's I'm good.

Aug 08, 2022 05:57 PM