June Kelowna Market Report

June Kelowna Market Report

 Where to begin this month….

There are 2,171 single family homes on the market right now and there were 193 sales in May. This means there is over 11 months of inventory on the market right now making this a buyers’ market. No news here as this has been the case since 2008. Kelowna home buyers seem to think prices will decline while many sellers seem to be of the belief that prices will rise again. This always seems to be the case when prices are stable. Hopeful buyers think a $400,000 home will be theirs once the price drops to $350,000 (it won’t) and many sellers think their overpriced home will sell once the weather heats up (election ends, playoffs end, Albertans show up again….use your own example). Both camps are unrealistic. The 193 buyers and sellers that came together in May did so because they realized prices aren’t going anywhere fast.

The average sale price in May was $495,000. There were 6 homes that sold over $1 million, 50 between $300,000-$400,000, 60 between $400,000-500,000. The first time buyer seems to be quieter with new mortgage rules in place so the move-up buyer drove sales last month. May of 2010 saw 192 sales with an average sale price of $545,000. The average sale price in May 2006 was $446,000 and May 2001 was $186,000.

There are 28 lakeshore homes on the market on the Kelowna side of the bridge (lower/upper Mission, Glenmore, Kelowna North/South) ranging in price from $1.8 million up to $6.3 million with only 10 sales over the past year. Compare and contract with the west side of the bridge where there are 39 lakeshore homes for sale with 15 homes selling over the past year.

We hope that wherever you’re reading this you’re getting a little bit of an early Summer. Go Canucks Go.

 

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

Cal for more information https://www.okanaganbc.com/ or view here properties for sale Kelowna BC

May 2011… Almost a mirror image of last year.

May 2011… Almost a mirror image of last year.

May 2011 I trust you’ve all recovered from the federal election and a round and a half of hockey playoffs.

The interesting MLS stat for Kelowna has to be that there have been 625 residential sales this year compared to 624 last year. Now that we’ve caught up I can’t imagine us falling behind last year’s pace. Even if we do, the second half of last year was so miserable we’re all but certain to have a better year in 2011.

There are currently 2,033 residential single family listings in Kelowna including 313 priced over $1 million and 295 priced under $400,000. There were 172 residential sales last month ranging in price from $230,000 to $2,725,000. April was a big month for high end homes with 8 properties selling over $1 million. This skewed the average sale price up considerably to $512,000.

April of last year was similar with 194 Kelowna homes selling for an average of $506,000.

The next few months are usually the most active in Kelowna so if you are considering selling it might be wise pick up the phone today to find out how much your property is worth.

We can deliver the comparable for your home within 24 hours and help you with tips to improve your chances of getting a quick offer for the highest price. Well kept homes with a few freshen up tips can create a much greater value in the eyes of today’s buyer. Even buyers who say they are looking for a “Fixer Upper” shy away from committing to a lot of renovations and are more likely to make an offer on a home that looks like it does not need as much work . Paint is still a homeowners best friend and a quick freshening up on the front entrance can go along way.

Until next week,

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

Cal for more information https://www.okanaganbc.com/ or view here Kelowna home values