The following newsletter was written by our fantastic Owner/Managing Broker Peter Kirk. As you will read, the market has been crazy/insane/weirder than weird and something no one currently in Real Estate has ever seen in the Okanagan Real Estate Market.

And....GO!

This month’s Newsletter is an interesting one to write. While the pandemic started in February of last year, the initial impact on real estate didn’t hit until late March with full impact by April. Uncertainty reigned and real estate sales plummeted in April 2020. Then by June things started to rebound and gained steam as the rest of the year progressed. I mention this because the numbers for April 2021 are massively higher than in 2020, which, given how things rolled out last year, makes complete sense. Sales for April 2020 were 220 units and this year they hit 957! Not only a rebound but a huge jump overall, period! New listings in April almost doubled over last year's numbers hitting 1,177 last month. Days-On-Market have dropped to an almost unheard of 23 days compared to 61 days last year. I don’t recall ever seeing Days-On-Market so low before. If you are a buyer or seller in this market you know all about the multiple offers on so many properties. Frustrating for buyers and a bonus for sellers. While multiple offers continue to happen on many properties, it does seem like this trend is slowing a bit. We have no hard data to base this on but the “watercooler” chat seems to suggest a slight shift. A slightly less frantic market might be good for all concerned. We’ll have to wait and see if that is how it trends. Changing gears for a moment, how is your Spring time “chore” list coming along? Have you tuned up the lawnmower? Cleaned out the gutters? Washed the windows? Swept the driveway? Uncovered the patio furniture? These and more are the things we look forward to as the days grow longer and warmer whether we live in a house, townhome or a condo. Just a word to the wise though, don’t get too far ahead of yourself planting things in the garden. The nurseries love repeat buyers resulting from inevitable late frosts. My mother always said, hold off until May 24th weekend to plant the vegetables! Lastly, everyone at our RE/MAX Kelowna offices, like you, are all hoping we can get back to a more normal social and work life before too long. With vaccines rolling out faster now, there is hope for a semblance of a more normal summer this year, but to get there, we need to hang in there a little longer. It’s exhausting but hopefully our prospects will brighten as the days get brighter too! Happy Spring everyone. Enjoy the warmer and longer days. - PETER KIRK Owner / Managing Broker