October 2021 Real Estate Update

Dated: October 18 2021

Views: 45

The market is definitely settling into a bit of a slower market going into more of a winter mode. We now have the lowest level of inventory that we have seen in the past 10 years. Because of that we also have less sales happening, and still pressure on pricing going up, because of the shortage of listings.

 If listings keep staying low, our market will stay the same. Watching the pre-sale market in Kelowna, which are not in our usual stats, I must say, those sales are hugely up. Many projects sold out in days and weeks.

Revenue Property Investors were busier than ever buying in the Kelowna market. The number of buyers from the Lower Mainland and Vancouver Island also remained at elevated levels.

Here are some interesting Buyer Stats-

Most recent buyers (moving to/from a property type):

First Time Buyer – 12.74%
Revenue Property Investor – 20.75%
Moving Up – 14.62%
Similar Property Type – 20.75%
Downsizing – 10.85%
Single-family Res to Strata – 4.25%
Recreational Property – 8.96%

Where do most buyers come from:

25% from Lower Mainland, 47% local, 11% Alberta, 7% other areas of BC, 2% Manitoba, 5% Back East, 1% Up North, 2% outside Canada

In what area was property purchased?
Kelowna/West Kelowna – 40.00%
Vernon areas – 16.74%
Central Okanagan – 6.74%
Salmon Arm – 4.88%
North Okanagan further away – 5.58%
Shuswap/Rev – 10.00%
Oliver/Osoyoos – 3.49%
Summerland – 1.40%
Penticton/Naramata – 6.98%
 
I am excited to announce that Scott Peters and Mike Mueller have joined my Team and I am proud to work with such a fine group of agents. Scott comes from a Sales background in Calgary and Mike used to be a well-known Building Inspector in the Vernon area. For detailed Bios see our team page at: https://www.moveokanagan.com/resources/meet-the-team

For up-to-date Statistics per Region, see Charts below.

Wishing you a wonderful rest of the month. Always working in your best interest.


Best wishes from all of us,

Annette and Team with Tara, Carolynn, Chad, Scott and Mike

Quote of the day: By being yourself you put something wonderful in the world that was not there before.

If you found this article interesting, FOLLOW / LIKE us on Facebook or please feel free to SHARE it.

 

Move Okanagan Group – serving Kelowna – Lake Country – Vernon – Silver Star

 

www.moveokanagan.com

Blog author image

Annette Denk

Annette has been in Real Estate since 1994. Her determination to uphold a tradition of trust, integrity, and expertise has earned her a long list of satisfied clients who recommend her at every opp....

Latest Blog Posts

October 2021 Real Estate Update

The market is definitely settling into a bit of a slower market going into more of a winter mode. We now have the lowest level of inventory that we have seen in the past 10 years.;

Read More

Pre-Sales: The Pros and Cons

Over the last month we have had several inquiries about Pre-Sales. A Pre-Sale is a home that is purchased either prior to construction commencing or during construction with a delay in closing

Read More

August 2021 Real Estate Update

It seems the smoke from the fires can’t stop the Buyers. I believe people know we live in such a great area and this is an unusual year with smoke and weather patterns. The market has slowed

Read More