Rom’s October Okanagan Real Estate Stats and Update

Kelowna Real Estate Report October 2020

 

Rom’s Monthly Real Estate Opinion

Brrr… we got our first glimpse of winter this past month here in the beautiful Okanagan. Even with our first snow fall, the real estate market has not gone into hibernation.

If we didn’t know better we would have to conclude that the best thing to happen to the Real Estate market across this country is a global pandemic.  In October the absorption rate for Central Okanagan was at 53%. What that means is that in the Central Okanagan 53% of the entire residential inventory was sold in October. These are figures usually reserved for Toronto and Vancouver when they are booming. To give you another perspective, a balanced market is considered somewhere around 12 to 18%. This gives you an idea of how much of a seller’s market this is.
This market will start to slow down as we get into November and December because of the winter weather and the holidays. It slows down every year at this time. It’s in extreme markets like this that REALTORS show their value. It takes a well trained REALTOR to figure out what a house is worth in a market like this but also how to write an offer in a market like this and actually get the house for their buyer.

Where are buyers coming from?

Where our buyers are coming from is changing. We are seeing an increase in buyers from Alberta, from the Coast and from other areas of the world. The Okanagan is no longer a secret.  I believe we will see a dramatic increase in buyers from major cities like Vancouver, Edmonton, Calgary and Toronto into the Okanagan region. Right now that is just a prediction but soon we will have the data to reveal the reality.
As always, please remember this is just the Real Estate World according to Rom. Get out and enjoy the beauty of late Fall in Kelowna!

About the Author Rom Houtstra

Rom Houtstra is a licensed and experienced Kelowna Real Estate Agent for almost 18 years with Century 21, the largest Real Estate Company in the world with over 8000 offices in 44 countries. He is committed to providing top service when it comes to buying or selling Residential & Commercial real estate, businesses and leases. Ask him about his comprehensive Marketing Plan and Listing Presentation. If you are looking for properties in Kelowna, West Kelowna, Vernon, or in other areas of the Okanagan Valley contact Rom.

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