Local Residential Real Estate Market Continues to Rebound in the Midst of Pandemic KELOWNA, B.C. – August 5th, 2020.

Dated: August 13 2020

Views: 200

Residential sales for July continued to climb with an increase of 38% compared to June totaling 1,094 units across the region of Revelstoke to Peachland, up 35% compared to this time last year, reports the Okanagan Mainline Real Estate Board (OMREB). 

New residential listings remained the same as last month clocking in at 1,494 new listings yet saw an 18% increase over the same time last year. The overall number of active listings however fell off 2% over June’s inventory of 3,962 and remained 14% lower compared to last year July’s inventory of 4,527. 

“We are seeing a pent-up demand propped up by consumer’s desire for more space in the wake of the pandemic,” says OMREB President Kim Heizmann, adding that “while this is not normal market activity, there is nothing typical about 2020.” 

“It will be interesting to see whether this demand sustains through the rest of the year.” 

The average number of days to sell a home, always a good barometer to watch, saw a slight increase of 5% to 89 days. 

Condo/Apt
Sales 150
New Listings 271
Current Inventory 707
Sell/Inv. Ratio 21.22%
Days to Sell 81
Average Price $360,253
Median Price $338,500

Townhouse
Sales 123
New Listings 151
Inventory 383
Sell/Inv. Ratio 32.11%
Days to Sell 63
Average Price $550,230
Median Price $525,000

Lots
Sales 40
New Listings 83
Inventory 454
Sell/Inv. Ratio 8.81%
Days to Sell 179
Average Price $374,327
Median Price $333,750

Residential
Sales 336
New Listings 479
Inventory 1,055
Sell/Inv. Ratio 31.85%
Days to Sell 65
Average Price $812,875
Median Price $725,000

Ratio of Sales vs Inventory 29.65%

Contact Me (Your Local Realtor) to find out more about the real estate market and how I can help you achieve your real estate goals. 

Jolene Iglesias | REALTOR® in Kelowna, BC

Royal Lepage 

Looking for the nearest working & motivated real estate agent in the Okanagan?

Call/Text Jolene Iglesias 250-212-2477

Email me jolenei@royallepage.ca

Blog author image

Jolene Iglesias

Hi I’m Jolene, I want to introduce myself. I’ve been a REALTOR® in the Okanagan Valley since 2012. I hail from a little town called Chase in the Shuswap Lakes, my decision to build my dream li....

Latest Blog Posts

Should You Sell Your Home in The Okanagan’s Hot Market?

As you probably realize, the Okanagan in general has been in a hot market for a few years now and it doesn’t seem to be slowing down. Homes in desirable areas are selling sometimes before they

Read More

Real Estate Rebound: Record-Breaking Numbers

 Real Estate Rebound: Record-Breaking Numbers for REALTOR.ca, National Home Sales What a difference a few months makes. July saw more homes trade hands in Canada than any other month in

Read More

Local Residential Real Estate Market Continues to Rebound in the Midst of Pandemic KELOWNA, B.C. – August 5th, 2020.

Residential sales for July continued to climb with an increase of 38% compared to June totaling 1,094 units across the region of Revelstoke to Peachland, up 35% compared to this time last year,

Read More

5 Reasons Why You Still Need Me (a REALTOR®) in Today’s Busy Market!

To Help Serve You Better ...all the information you need to make the right choices that benefit you. A home is so much more than four walls and a roof. And for most people it represents

Read More