The Kelowna Spring Market Can Start Anytime Now….We’re All Ready

Here’s a quick snapshot of today’s housing market. Fresh off the presses.

Number of Residential Single family listings 1,878

Number of Condos for sale 1,671

The number of condominiums for sale has NEVER exceeded the number of residential houses but we’re within 200 units right now. Stay tuned.

Residential sales this year 133

Residential sales last year (thru Feb 26) 321

Average sale price this year $430,643

Average sale price last year (thru Feb 26) $500,289

Number of condo sales this year to date 84

Number of condo sales last year to date 242

Average condo sale price last year $289,023

Average condo sale price last year (thru Nov 26) $322,278

There certainly is a disconnect going on between Kelowna home sellers and potential buyers. While there has been equity erosion over the past ten months, many home buyers are of the mindset that Kelowna sellers are prepared to accept any offer presented to them and this just isn’t the case. So, who’s to blame?

In California, during the Fourth quarter of 2008 there were 80,595 foreclosures in the state. We all know the reasons by now which include adjustable rate mortgages, NINJAA (no income, no job, no assets), no documentation loans, interest only loans etc. This has clearly created unimaginable hardship for each family involved, but 18 months into the sub-prime crises and there are only 15 foreclosures here in Kelwona. 15! There are so few, I can just about type all of them out while holding my breath…Camelot, Saucier, Carruthers, Lakeshore, Clement Quail, Westpoint, Fitzpatrick, Spyglass, Warbler, Mission Ridge, Feedham, Woodridge, Vintage Terrace and Roth.

Until our neighbours from Vancouver, Alberta and USA straighten themselves out the Kelowna housing market will be dependent on local buyers which means less activity in the luxury condominium sector and vacation home market. All other residential sectors in all areas of the city have active housing markets and sharply priced homes continue to sell.

Living in Kelowna,
Andrew Smith
Smith McLellan Group
Royal LePage Kelowna
Info@OkanaganBC.com
To view homes go to www.Okanaganbc.com
250-979-8066
Follow me on Twitter @smithap01

Smith  Visiting Alberta To Discuss Real Estate

Smith Visiting Alberta To Discuss Real Estate

Smith in Alberta

On our way to Edmonton this week and next for Western Canadian Swimming Championships. Let us know if you would like to get together to discuss the Kelowna real estate market in greater detail. Her direct phone number is 250 979 8066.

The Kelowna real estate market is beginning to hum along in what has become this “new normal” economy of ours. There were 80 strata (condo) sales during December and January. The average sale price for condominiums for the past two months was $280,000. Winter in Kelowna, like most Canadian markets, is traditionally the slowest time of year. There are currently 135 condominiums for sale that allow rentals priced between $225,000 to $300,000.

There are several units for sale across from Okanagan College and near Kelowna General Hospital that are easy to find a good tenant. If you have had any thoughts about trading upwards or purchasing another property, now is an excellent time.

Overall, there are 1800 homes for sale in Kelowna and the current average sale price for January was $411,000. The average market time to sell a home is 92 days.

Finally, Canada Mortgage and Housing Corp. released their quarterly outlook on housing in Kelowna. This is our tax dollars at work so let us know if you would like a copy and Andrew Smith Kelowna Real Estate will email one to you.

Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
Homes for sale in Kelowna
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

For more information http://okanaganbc.com  or Kelowna real estate prices