The May 2020 real estate statistics are now in.
Of course due to Covid there has been much pent up demand as our usually busy Spring listings were all delayed or held off, but now that we are into June, things are finally starting to HEAT UP AGAIN!
Residential sales across the region (Revelstoke to Peachland) increased 95% totaling 446 units sold in May compared to April’s 299 units, yet remained down 42% from this time last year.
New residential listings also saw an uptick totaling 1,198, an increase of 49% compared to April 2020 new listings (as Sellers were reluctant to put their homes on the market with COVID shutdowns).
Overall active listings increased 9% over April’s inventory of 3,467 yet remained 16% lower than April 2019’s inventory of 4,490.
Read the full story here (Remember that this news includes everything from Revelstoke to Peachland so is slightly misleading because the Shuswap and Vernon markets are MUCH different than Kelowna): https://mcusercontent.com/9691382a5a8b09c362ef1126b/files/398a3f16-43f6-49f3-972d-038e9a2ecada/Media_Release_May_2020_Market_Stats.pdf
And complete statistics here (Central Okanagan Stats are more relevant for Kelowna): https://www.omreb.com/files/05-CO%20Statistics-May2020.pdf
As we head into June, things seem quite busy with lots of new listings coming on the market. If the Buyer activity continues with market confidence and so long as listing inventory does not get overly flooded, our sales and prices should continue to be strong.
Let us know how we can help, or if you have any Kelowna Real Estate questions!
The Briggs On Homes Group | www.BriggsOnHomes.com | 250-215-0015