The market is Hot! Hot! Hot!
In February 2021, we saw a massive 127.56% increase in residential property sales over the previous year, and our total listing inventory dropped by 41.53% to 1,129 total listings. We are in an extreme Seller’s Market unlike we have seen in the Okanagan before.
We also saw our overall average price jump 23.26% to $700,974!! (all residential property categories combined).
The table below shows the breakdown on where the 644 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 52 days to sell a home, depending on the property type.
Single Family Home update
The February numbers for the Single Family Home property category were impressive! We saw a sales increase of 136.07%, which was coupled with an 51.5% decrease in inventory.
The average price for a Single Family Home in February was $904,926!
Townhouse Market Update
The townhouse market posted another strong month as well! With an 45.31% reduction in inventory over last February and a huge increase in sales: 146% over February of last year. The average sale price to jump up to $615,491, an increase of 22.25% over last year.
Condo Market Update
The condo market, though still showing huge increases in sales and decreases in inventory over last year, has reached these benchmarks at a little slower pace than the Single Family Houses and Townhomes. The condo sales saw a 107.95% increase and a inventory decrease of 23.03%.
Supply and Demand
We’ve been tracking the Months of Inventory – the graph below outlines how the first 2 months of 2021 have been going compared to the same time periods in the past 3 years.
You will notice a big difference – in 2020 there were 6.8 months of inventory whereas this year we are seeing only 2.1!! This means if no new properties were listed, in 5 weeks, every single house in Kelowna would be sold and there would be nothing left to buy!!
The months of inventory levels are our best way to determine the strength or weakness of the market…and to recap our benchmarks:
Less than 4 Months of Inventory is a Seller’s Market
4 to 6 Months of Inventory is a Balanced Market
More than 6 Months of Inventory is a Buyer’s Market
Is now the time to make a move? I would love to discuss what may be right for you in this crazy market. Please feel free to reach out any time!