October 2019 Real Estate Update

Dated: October 21 2019

Views: 6

As the economists are saying, in-spite of the politics, the residential real estate market numbers are improving. Sales are up for September by 14.5% over last September. Numbers are still a bit behind last year on a YTD basis but they are quickly catching up.

Prices are still a bit below last year with the average down 1.22%. If the price gap is narrowing we may even get ahead of last year by the end of December.

Listing numbers are lagging compared to 2018 which may be accounting for some of the improvement in prices. It certainly is a buyer’s market at this time and will probably remain so for a while yet. The outlook for the balance of this year and well in to next is for continued increased demand and rising sales. Things are looking up!

Most of all my high-end listings (over 1.4 Mill +) have accepted offers, which is a good sign for the luxury market.

Vancouver market picked up a lot, as more Hong Kong people are coming back to buy due to their political situation. If Vancouver gets busier, so will the Okanagan. Which means our market will stay stable and our activity might increase slightly over next year.

New Canadian Housing building starts decreased by 2.5% in September. In BC, housing starts rebounded partially, increasing by 13% on a monthly basis (after falling by 29% in the previous month). This largely reflected developers pushing forward activity to get ahead of a new development charge in Vancouver.

Kelowna housing building starts decreased by 75% in September, which is normal for the season. Year-over year starts were up by 100%.

I am very excited to be part of the fastest growing real estate company in North America, Exp Realty. Change is always good and this new company will give me the extra edge that I wanted as it is a technology real estate company. Everything will stay the same, and my great service and marketing will be enhanced by Exp Realty. Did you know, only 5% of all realtors work in office spaces nowadays. Everybody is mostly virtual and has home offices.

If you found this article interesting, FOLLOW / LIKE us on Facebook or please feel free to SHARE it. Always working in your best interest.

Annette Denk  - serving KelownaLake Country - VernonSilver Star

Move Okanagan – Real Estate That Will Move You

www.moveokanagan.com

Quote of the day: Every completion spontaneously creates a new beginning. -Kelly Poulos

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 2020 Real Estate Update

Time is just flying by! Sales are up everywhere across BC!What an unusual year, there is nothing normal about 2020! Sales in the Okanagan surpassed last year’s sales by 78% !Okanagan

Read More

September 2020 Real Estate Update

Again we had a record month. Week after week it continues! Every Realtor is working super long hours trying to keep up with inquiries, emails, texts, phone calls, showings, deals etc!Sales are up%

Read More

June 2020 Real Estate Update

The market is getting more active as Buyers are starting to look again. Well priced listings go fast, as we still don’t have enough inventory for Buyers to choose from. Sales in;

Read More