Okanagan Real Estate Market Demand Staying Steady As Supply Shortage Continues

 
 
KELOWNA, B.C. – November 4th, 2021. Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region remain strong ahead of the slower winter season, reports the Association of Interior REALTORS®.
 
“Demand is still strong despite chronically low supply, but we are seeing a healthier environment for buyers and sellers compared to what we saw in 2020 and earlier in the year,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “sales are transpiring at a good, healthy pace.”
 
Residential sales for the entire Association region decreased 18% over the same month last year, clocking in at 1,115 residential sales in October. This was a slight increase compared to September’s 1,067 sales.
 
The inventory, or supply of active residential listings was down 39% across the Association region compared to the 4,308 active listings during October 2020, while new listings slipped 12% over last year October’s 1,372 units.
 
“As we head into the final months of the year, we can see that this supply drought or lack of new listings has really become the main theme of the year. It will be interesting to see if this trend maintains or changes in 2022,” says Heizmann.
 
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions continue showing double-digit percentage increases in year-over-year comparisons in all home categories.
 
In the South Peace River Region, where benchmark pricing is not available, average sale prices for single- family homes increased 11% but decreased 13.8% in the condominium category.
 
Contact Dulcie or Eric to find out more about the real estate market and how we can help you achieve your real estate goals.
 
 
 
 
Read full post

I have listed a new property at 104 2350 Stillingfleet Road in Kelowna.
Stylish, west facing 2 bedroom, 2 bath townhouse with open living room, dining and kitchen floor plan and a large covered deck out front. Lots of storage including a storage room, plenty of linen cabinets and an extra large floor to ceiling closet in the master bedroom. Just steps from your door you will find a Starbucks, Godfather's Seafood Market, groceries, gift shops, pharmacy, banking and much more. The amenities at Guisachan village include inground pool, hot tub, change rooms and a public BBQ area by the pool. There is underground parking, bike storage and a storage locker included. Other perks to living in this central location - Okanagan Lake, H20 Centre, golf courses, parks, hospital, and transit. Why would you want to live anywhere else? (id:2493)
Read full post

I have listed a new property at 104 2350 Stillingfleet Road in Kelowna.
Stylish, west facing 2 bedroom, 2 bath townhouse with open living room, dining and kitchen floor plan and a large covered deck out front. Lots of storage including a storage room, plenty of linen cabinets and an extra large floor to ceiling closet in the master bedroom. Just steps from your door you will find a Starbucks, Godfather's Seafood Market, groceries, gift shops, pharmacy, banking and much more. The amenities at Guisachan village include inground pool, hot tub, change rooms and a public BBQ area by the pool. There is underground parking, bike storage and a storage locker included. Other perks to living in this central location - Okanagan Lake, H20 Centre, golf courses, parks, hospital, and transit. Why would you want to live anywhere else? (id:2493)
Read full post

I have listed a new property at 1195 Steele Road in Kelowna.
If you are looking for a home in the Upper Mission area with an amazing view, then look no further. Both upper and lower front decks offer a view of the lake and downtown. As you enter the main area, you are greeted with an open concept kitchen/dining room/living room that is further complimented with a vaulted ceiling. Kitchen includes stainless steel appliances and granite counter-top. Master bedroom on upper level is large and boasts a large ensuite with double vanity as well as an enormous walk-in closet. Lower level showcases a bright family room, 2 over-sized bedrooms and a full bath. The exterior consists of a beautifully landscaped lot with front and rear deck and a single car garage. This home is a pleasure to view. (id:2493)
Read full post

 

KELOWNA, B.C. – June 3rd, 2021. Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region is showing signs of calming after months of record highs, reports the Association of Interior REALTORS®.
 
Residential sales for the month of May for the entire Association region totalled 1,482, down from April’s 1,719 sales. The same area also saw significant percentage increase in year-over-year comparisons, however that is still in comparison to the worst months of the pandemic.
 
“There is a slight reduction in pressure that is creating a calming effect for a healthier market for both buyers and sellers,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “we are seeing an easing up on the gas pedal that has been going above the speed limit, to now moving within a reasonable pace.”
“While the market may be slowing down from an all-time record, it does not mean the market has softened, it means the buyer frenzy has calmed down slightly,” says Heizmann.
 
The supply of active residential listings dropped slightly from April’s 2,818 to 2,554 current listings across the Association region.
 
The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions once again saw double-digit percentage increases in year-over-year comparisons in all home categories categories.
 
In the South Okanagan, where benchmark pricing is currently not available, average sales prices were also up year-over-year in all home categories with single-family homes seeing the highest percentage increase of 42%. The average sale prices for single-family homes in the South Peace River increased 12% in comparison to May 2020 average price, but saw no sales in the condo category.
 
Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
 
Visit HERE for more articles on Real Esate.
 
 
 
Read full post

I have listed a new property at 309 250 Dougall Road North in Kelowna.
Bright corner unit at the front of the building. Ideally located close to shopping, bus route, banks & restaurants. Large windows allow lots of natural light. This unit has the advantage of huge closets with storage room in unit and an additional storage locker in basement. Both bedrooms are oversize and bright. Master is enhanced with his & her closets and spacious ensuite. This building is newer and well maintained. Restrictions: 55+, Rentals 3 units at a time, Pets 1 dog or 1 cat measuring 15" at shoulder. (id:2493)
Read full post

I have listed a new property at 104 2350 Stillingfleet Road in Kelowna.
Stylish, west facing 2 bedroom, 2 bath townhouse with open living room, dining and kitchen floor plan and a large covered deck out front. Lots of storage including a storage room, plenty of linen cabinets and an extra large floor to ceiling closet in the master bedroom. Just steps from your door you will find a Starbucks, Godfather's Seafood Market, groceries, gift shops, pharmacy, banking and much more. The amenities at Guisachan village include inground pool, hot tub, change rooms and a public BBQ area by the pool. There is underground parking, bike storage and a storage locker included. Other perks to living in this central location - Okanagan Lake, H20 Centre, golf courses, parks, hospital, and transit. Why would you want to live anywhere else? (id:2493)
Read full post

I have listed a new property at 250 Dougall Road North in Kelowna.
Bright corner unit at the front of the building. Ideally located close to shopping, bus route, banks and restaurants. Large windows allow lots of natural light. This unit has advantage of huge closets with storage room in unit and an additional storage locker in basement. Both bedroom are oversize and bright. Master is enhanced with spacious ensuite and his and her closets. This building is newer and well maintained. Restrictions: Age 55+, Rentals 3 units at a time, Pets 1 Dog or 1 Cat measuring 15 inches at shoulder. For more information or to be your viewing appointment call/text Dulcie Sharpe at 250-300-0315 or email dulcie@dulciesharpe.ca. (id:2493)
Read full post
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.