FEBRUARY Real Estate Review
3
<<Name>> 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 brushed off their bikes as we speak. We 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 and 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% & 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. Ask your RE/MAX agent how the HPI applies to your home. 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. To finish off this month’s Newsletter I guess we should give you some good news and bad news. The good news is The Greenery garden shop opened last week, earlier than usual. The bad news is, while it is getting warmer don’t go planting too much yet or you’ll just be replacing it all again in May. Be patient. It will be worth it! Anything about gardening is actually good news so this is really good news and more good news! Happy March everyone. It will be nice to spread out a bit outdoors so enjoy and be safe! - 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 the ASSOCIATION OF INTERIOR REALTORS® in 2018 - YTD 2021 for Central Okanagan. RE/MAX Kelowna - an independent member broker. Months of residential inventory taken from the ASSOCIATION OF INTERIOR REALTORS® residential properties in the Okanagan. FEBRUARY Real Estate Review MONTHS OF INVENTORY RESIDENTIAL 1.96 1 , 6 9 5 2 , 1 0 0 2 , 8 6 0 2 , 7 4 3 2 0 2 1 2 0 2 0 2 0 1 9 2 0 1 8 FEBRUARY ACTIVE LISTINGS $ 9 0 4 , 9 2 6 $ 4 2 4 , 9 7 2 $ 4 1 1 , 8 0 7 $ 6 1 5 , 4 9 1 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 FEBRUARY 2021 7 4 9 3 6 7 2 9 0 3 1 5 2 0 2 1 2 0 2 0 2 0 1 9 2 0 1 8 FEBRUARY SOLDS
Transcript of FEBRUARY Real Estate Review
<<Name>>
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 brushed off their bikes as we speak. We 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 and 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% & 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. Ask
your RE/MAX agent how the HPI applies to your home.
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.
To finish off this month’s Newsletter I guess we should give you some good news and bad news. The good news is The Greenery garden shop opened last week, earlier than usual. The bad news is, while it is getting warmer don’t go planting too much yet or you’ll just be replacing it all again in May. Be patient. It will be worth it! Anything about gardening is actually good news so this is really good news and more good news!
Happy March everyone. It will be nice to spread out a bit outdoors so enjoy and be safe!
- 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 the ASSOCIATION OF INTERIOR REALTORS® in 2018 - YTD 2021 for Central Okanagan. RE/MAX Kelowna - an independent member broker. Months of residential inventory taken from the ASSOCIATION OF INTERIOR REALTORS® residential properties in the Okanagan.
FEBRUARY Real Estate ReviewMONTHS OF INVENTORYRESIDENTIAL1.96
1,69
5
2,100 2,8
60
2,743
2021 2020
2019
20
18
FEBRUARYACTIVE
LISTINGS
$904,926
$4
2
4,972 $411,
80
7
$615,491R
ESI
D
ENTIAL TOWN H
OM
E
CONDO
SLO
TS
AVERAGEPRICE FORFEBRUARY
2021
74
9
367 290
315
2021 2020
2019
20
18
FEBRUARYSOLDS
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 the ASSOCIATION OF INTERIOR REALTORS® - FEBRUARY 2021
Stat Comparison FEBRUARY 2020 vs. FEBRUARY 2021
Number of Sales by Month 2021
749315
Number of Sales Year to Date 2021
587 1,202
Residential House Prices by Month 2021
Average $734,787 $904,926
Median $659,750 $819,625
Residential House Prices Year to Date 2021
Average $729,708 $898,146
Median $665,000 $807,500
Number of Units Listed 2021
782 905
Days to Sell by Month - Residential 2021
74 43
Days to Sell Year to Date - Residential 2021
2020
2020
2020
2020
200
2020
202079 50
Single Family Sales by Price YTD FEBRUARY2021
Price Range 2020 2021
$0 - $319,999 3 2
$320,000 - $439,999 3 3
$440,000 - $559,999 37 17
$560,000 - $699,999 67 87
$700,000 - $999,999 74 180
$1 M and Over 23 117
Active InventoryCentral Okanagan - FEBRUARY 2021
Residential Condo Mobiles Lots
388 381 58 220
Townhomes
175
2021 MARKETSHARE REPORT
CHOOSE WISELY. CHOOSE .
BASED ON TRANSACTION ENDS FEBRUARY 2021 AS REPORTED BY THE ASSOCIATION OF INTERIOR REALTORS® 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 ASSOCIATION OF INTERIOR REALTORS® in 2020 and YTD 2021 for Central Okanagan. RE/MAX Kelowna - an independent member broker.
LISTS MORE, SELLS MOREAND GETS MORE RESULTS!
24.8%
8.3%
6.2%
8.6%
ColdwellBanker
2.1%
24.3%
RoyalLePage
0.5%2.2%
3.5%
19.5%
All OtherBrokerages
RE/MAX®2%Realty
VantageWest
MacdonaldRealty
SageExecutive
Group
Century21
SuttonHymark
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
5002021
JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC
288
RESIDENTIAL INVENTORY VS MONTHLY SALESCENTRAL OKANAGAN 2021
2300
2150
2000
1750
1600
1450
1300
1150
1000
750
600
450
300
150
0
TOTAL RESIDENTIAL SALESTOTAL ACTIVE RESIDENTIAL INVENTORY
RESIDENTIAL HOUSING
1,139
402
1,129
644
Year to date MLS® statistics for Central Okanagan area as
provided by OMREB.
CENTRAL OFFICE DOWNTOWN BIG WHITEDOWNTOWNWESTSIDE
