Q3 Market Update (2021) - Central Okanagan - Kelowna
Q3 Market Update (Produced by Louis Han in English and Korean) with CHRIS CHUNG and CHAD LEE
SFR (Single Family Homes) | TH (Townhouses) | CONDO (Apartments)
Benchmark prices for single family detached in the Central Okanagan for Q3 was $923,500. Followed by townhouses at $675,300 and condos at $478,300.
-Single Family Homes in the third quarter had a benchmark price of $923,500, which shows a 27% increase YOY.
-Townhouses in the third quarter showed a benchmark price of $675,300 (30% increase from last year).
-Condos (not including pre-sale construction which was significant) had a benchmark price of $478,300 for your typical 2 bedroom 2 bath unit.
Driving Factors and Trends in the Kelowna Market
One main factor driving prices up, was the consistently low inventory of 484 homes and a total of 717 sales between the months of July and September this year.
Single-family homes in the Central Okanagan in Q3 were up 27% with an average days on market of 31 days. Townhouses were up 30% and Condos 22.9%, respectively.
The 3rd Quarter stats show us that sales momentum in the Central Okanagan continued strong, despite the increase in leisure travel and activities after months of restrictions and record forest fires this past summer.
Although the 3rd quarter showed signs of monthly slow down from record levels reached in Q2, statistics show the Central Okanagan is still on track for a record year, surpassing the previous record held in 2016.
One interesting trend the region was experiencing in the previous quarter was that of shorter due diligence periods of motivated buyers; and the exemption of important conditions (ie. inspection and financing) in their offers. This trend has continued, however, in lower numbers and less frequency.
The end of summer saw its first month-on-month decline since the pandemic, but year over year, there was still an overall increase of 30.5% from last year September.
According to AIR Stats, the hottest and highest appreciated neighbourhoods in Q3 were:
- SFR - Lakeview Heights with 52 homes sold and a 34.6% increase YOY
- TH - Lower Mission with 30 units sold and a 27.9% increase YOY
- Condo - Downtown Kelowna North dominated other areas with 104 market units sold and a more moderate increase of 21.1%
