Smith McLellan Group Kelowna BC Real Estate

Kelowna Housing Update....No Need To Sit Down

2012-02-05T19:34:00Z

I always make sure I'm sitting down before analyzing January home stats but this year we're showing early signs of optimism. There were 455 residential sales during the first quarter of 2011 with an average sale price of $486,000. The fourth quarter recorded 417 sales with an average sale price of $497,000. The first and last three months of the year produce fewer homes sales than the middle six months but we can still draw some early conclusions. Firstly, prices are remaining stubbornlingly high and Kelowna continues to outpace the rest of Canada in terms of house prices. This is clearly good news for those already lving here but those choosing to wait until Okanagan housing prices come crashing down will have to continue their waiting game. These people are used to waiting though...they've been doing it, well, forever.

There were only 115 residential sales this January which is a little troubling. Hopefully this isn't a canary in the coal mine. With over 1,600 families with For Sale signs on their lawns there wasn't a lot of activity and few showings. The previous January (2011) only produced 111 sales so perhaps the lesson here for a Realtor is to choose January when making vacation plans instead of July.

As for condominiums....1,304 units for sale and 65 sales in January with an average sale price of $311,000. This is up from January 2011 when there were 61 sales at $292,000. There was a time a few years ago when it looked like there would be more condo sales than home sales some months but that won't happen this year. You can spin these numbers any way you want but buyers can be happy that there's a lot of choice and sellers can be relieved that once their place does sell it will fetch top dollar.

Have a great week.

Andy Smith www.okanaganbc.com 1-877-330-5884

End of January Market Update

2012-01-29T19:40:00Z

Hats off and loud applause for all the people who have braved the cold, wind and snow to attend our open houses this January. We've certainly gotten our share of Winter this month and I just love it when people brave the elements and show up to see a house freezing cold with a cut out newspaper ad in their hand.

With two full days to go our market has generated 103 residential sales this month. What's noteworthy is that 26 (a whopping 25%) of those sales have been under $335,000 and only 7 have been over $600,000. This might be the year of affordability instead of luxury with so few high end homes selling early but I suspect this will change once out of town buyers reappear during the Spring and Summer.

The previous January (2011) produced 111 sales so this year is starting off similar to last year.

There are 1556 residential homes for sale in Kelowna. 312 of these are priced over $1 million and 311 are priced under $395,000. If you're Kelowna home seller with a home priced at $350,000 you're likely getting a steady supply of showings. If you're priced at $1.5 million you're likely wondering what's happened to your real estate agent.

The past three years (2009,'10, '11) generated 215 foreclosure sales in Kelowna. The three years before that (2006-'08) generated only 32. There are still 66 foreclosures on the market (email me if you want the list) so this year's number will be high also.

See you out there. No open house next week because of Super Bowl....prediction: Giants by 7.

Andrew Smith

Royal LePage Kelowna

Kelowna South (Hospital Area)....coolest place on earth.

2012-01-15T23:15:00Z

Okay, maybe that's a little too much hyperbole for anyone's taste but it's my favourite part of Kelowna especially during the Summer.

Kelowna South is once again proving to be one of the hottest real estate areas in Kelowna. The fourth quarter in KS generated 29 residential sales with an average sale price of $422,000 (median sale price $375,000). This compares favourably to the same quarter in 2010 when this area generated 25 sales at a $426,000 average (405,000 median). Overall, there were 111 sales in Kelowna South.

There are currently 60 homes on the market including 2 price under $300,000 and 11 priced over $1 million. This is one of the few communities in Kelowna that is in a balanced market (not favouring buyer or seller). There are 80 strata/condominiums for sale with 25 of them priced under $200,000 and 5 over $1 million. There were 25 condo sales last quarter at an average of $279,000. This segment of the market is in much better shape considering there were only 18 recorded solids during Q4 2010. The average sale price was identical at $279,000. So much for "downward pressure on the condo market". With 114 condo sales in 2011 in KS we are clearly in a buyers market meaning these stubbornly high prices should ease downward. Stay tuned.

Fourth Quarter Kelowna Condominium Updata

2012-01-14T19:26:00Z

The condominium market had a strong 4th quarter registering 154 sales of apartment condominiums at an average sale price of $245,000. This is a significant increase from the previous year's 4th quarter when there were only 114 condo sales at an averages sale price of $241,000. With 850 condo units still on the market we are still in a buyers market and there is still a lot of product available. Regardless, the news is certainly getting better for condo sellers during a quarter that is traditionally the slowest of the year. We are still a long way from where we were in 2007 when we recorded 235 sales during Q4 at $283,000.

Kelowna Real Estate Update....Buying In December 2011

2011-12-23T02:28:00Z

A typical phone call in late November to any real estate agent ......."I want to take my house off the market for December and put in back on in the new year."

Seems reasonable. Kids are out of school, relatives might be visiting, mom and dad are likely to be home a lot more..... you get the picture. Who wants to keep a house spotless this time of year? Who wants to have everyone leave the home for an hour for a showing?

After 15 days, this this December is proving to be one of the most active Decembers in a long time. I won't go as far to say it's a good sign that 2012 will be a banner year for real estate in Kelowna.... but it could be . 81 residential sales so far this month with half the month to go. Last year there were 96 for the whole month and 2008 had only 71 sales in December. Why is this December busier? I wish I knew. Maybe the weather, economy, pent up demand. Fact is, it's a busy month and is shaping up to be the most active December in the past 10 years. Stay tuned. I promise to keep working and do my bit to help keep overall numbers high.

Condominium sales are increasing also. So far there have been 44 condo sales this month ( again , with half the month to go) compared to 47 for December 2010.. This has been a really strong quarter for condo sales in Kelowna with 233 sales compared to 193 sales for the 4th quarter 2010. Prices have jumped slightly also from $274,000 to $290,000

The lesson here is that December just might be the best time to sell your house all year round. There are 1664 homes for sale right now compared to 2,200-2,400 other times of the year.

Single Story For Sale in Glenmore

2011-12-20T17:52:00Z

4 Bedroom With Suite

• 2,064 sq. ft., 2 bath, 4 bdrm single story "With Finished Basement" - MLS® $399,900 - REDUCED! PRICED TO SELL!

Glenmore, Kelowna - Lovely Glenmore home on quiet residential street with a 2 bedroom inlaw suite. Beautiful fenced back yard. This is a well built home with new flooring and within walking distance to an elementary school, shopping and transportation.

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Selling a Home in December....Why it's the best time of year.

2011-12-16T22:48:00Z

A typical phone call in late November to any real estate agent.... "I want to take our home off the market for December to give it a rest. We'll put it back on in the new year".

Seems reasonable. Kids are out of school, relatives might be visiting, mom and dad are likely home a lot more...you get the picture. Who wants to keep a home spotless this time of year? Who wants to have everyone leave the home for an hour for a showing?

After 15 days, this December is proving to be one of the most active Decembers in a long time. I won't go as far to say it's a good sign that 2012 will be a banner year for real estate in Kelowna....but it could be. 81 residential sales so far this month with half the month to go. Last year there were 96 for the whole month and 2008 only had 71 sales in December. Why is this December busier? I wish I knew. Maybe the weather, economy, pent up demand. Fact is, it's a busy month and is shaping up to be the most active Decembers in the past 10 years. Stay tuned. I promise to keep working and do my bit to help keep overall numbers high.

Condominium sales are increasing also. So far there have been 44 condo sales this month (again, with half the month to go) compared to 47 for December 2010. This has been a really strong quarter for condo sales in Kelowna with 233 sales compared to 193 sales for the 4th quarter 2010. Prices have jumped slightly also form $274,000 to $290,000.

The lesson here is that December just might be the best time to sell your house. There are 1,664 homes for sale right now compared to 2,300-2,500 other times of the year and with 135-150 sales projected this month (by me) the odds are best this time of year.

Price Reduced on 1317 Lombardy Square in Glenmore

2011-12-13T20:25:00Z

Glenmore, Kelowna - Announcing a price reduction on 1317 Lombardy Square, a 2,064 sq. ft., 2 bath, 4 bdrm single story "With Finished Basement". Now MLS® $399,900 - REDUCED! PRICED TO SELL!.

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Price Reduced on 1311-3168 Via Centrale Road in Lake Country

2011-12-12T19:16:00Z

Lake Country, Thompson Okanagan- GOLF????? - Announcing a price reduction on 1311-3168 Via Centrale Road, a 1,170 sq. ft., 2 bath, 2 bdrm single story. Now MLS® $298,000 - Excellant Location.

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Price Reduced on 2860 Springfield in Rutland South

2011-12-05T19:38:00Z

Rutland South, Rutland - Announcing a price reduction on 2860 Springfield, a 2,100 sq. ft., 2 bath, 5 bdrm single story. Now MLS® $398,000 - REDUCED! PRICED TO SELL!.

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Price Reduced on 2821 Lakeview Road in Lakeview Heights

2011-12-05T17:35:00Z

Lakeview Heights, West Kelowna - Announcing a price reduction on 2821 Lakeview Road, a 3,300 sq. ft., 3 bath, 3 bdrm ranch. Now MLS® $1,199,000 - LUXURIOUS OPPORTUNITY!.

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Rutland, Glenrosa and Glenmore

2011-11-27T22:02:00Z

There are 1,828 residential houses on the market right now including 456 priced under $400,000 and 331 priced over $1,000,000. I know I spend too much time writing about the plight of million dollar sellers in this town but it seems like it was just yesterday a million dollar home sale would be the talk of the Kelowna real estate industry. We’ve had 83 homes sell over a million dollars so far this year and 15 homes sell over $2 million.

Let’s focus instead on Rutland, Glenmore and Glenrosa where hot markets are born and eventually die. These areas are meccas for buyers with mortgages, kids and double incomes. You know... regular people with jobs just like you and I. Combined, these communities recorded 383 residential sales so far this year at an average sale price of $396,000. Last year, through November 27 these communities generated 441 sales and an average sale price of $398,000. The 383 sales this year through today will certainly move upward since there are sales on the books now where conditions haven’t been removed making 2010 and 2011 mirror image carbon copies of each other. There are only 284 homes for sale right now. The average sale price for these areas in 2009 was $385,000. I can’t imagine any real estate economist predicting anything other than slow growth for 2012 and I can’t imagine them being wrong either. As a realtor it won’t be as hard to convince out of town buyers that they’re wrong about our market imminently imploding and sellers who’s neighbour’s identical house just sold for $340,000 that there’s isn’t worth $390,000. Raise your glass to predictability.

Last year, in November we generated 123 sales, average price of $439,000. This year 130 sales/ $475,000 average with 3 days to go. The lesson here is that a lot of commerce takes place during the Winter months so it’s not the wisest move to take your home off the market.

In closing, it’s 2 hours until Grey Cup kickoff as I finish writing this. I think the Winnipeg is way out of their league in this one and it will be over by halftime.

Take Your Grade 9 Child To Work Day

2011-11-05T01:14:00Z

The usual start to the day on Wednesday when I have out of town purchasers. 1) clean the car 2) update lockbox 3) program GPS 4) cards etc. but I forget it was the day I was to take Emmet to work with me. First off, Emmet's parents have been real estate agents all his life so there was little likelihood he was going to encounter anything new. Even as a toddler he knew to stop making any kind of noise when the phone rang, he's delivered flyers, slept through open houses as a baby, acted as a doorman at secure condominiums and now writes/edits/films all our listings. He likely wouldn't see much that he hasn't seen before and likely looked forward to a day off school.

With out of town purchasers looking at high end homes, which sometimes makes me nervous, but we muddled through. One of the buyers was a retired CIBC exec and he was really good with my son asking his opinion on every house, looking for insight and not in a condecending way.

All in all it was a great day. I've heard of other fathers taking their kids to work and having accidents in the factory or finding out it was pink slip day but our day at the office was a treat.

November Real Estate Update

2011-10-30T23:30:00Z

I realize I'm a day early here and we still have 23 hours left to sell houses this month but I wanted to get a head start getting October stats out before everyone else in this industry....to heck with accuracy this month.

October was an odd month. The average price in Kelowna was $510,000 based on 147 sales. There will likely be 10-15 more sales reported tomorrow but the average won't change much. Last October (2010) there were 15 homes that sold over $1 Million 2 that sold over $5 Million and one over $10 Million so there was no way we were going to break the $631,000 we achieved 12 months ago. There are only 1,466 single family homes for sale right now and this number will decrease and will likely be closer to 1,000 after all the expired listings happen tomorrow and November 30th. There are only 41 single family foreclosures for sale now which is manageable and not a big deal unless you're one of those 41 homeowners. 150-160 sales for an October with a $500,000 average is terrific for Kelowna considering the Fall market is almost entirely in-town buyers with fewer out-of-towners....or as we Nova Scotians call them..."from-aways".

On the condo side of things there are 1,475 units for sale which is still way too many. There are 72 condo foreclosures on the market and this number is trending upward. If you're a condo owner trying to sell right now you're strategy has to be a) be patient or b) lower your price (again) or c) take the unit off the market and wait this thing out.

When I started this blog it would have been easier to visit the 2 or 3 people who regularly read what I had to say. Now I've had about 2000 readers this year so the pressure is a little amped up and I'm remembering to run spellcheck and sometimes have someone proofread for me. Thanks loyal followers.

In this business they say the best way to get busy is to book a holiday because the phone always starts ringing off the hook the day before you're supposed to leave. Last month Jo-Ann went to her niece's wedding in Hawaii for a week so I handled her calls then I went for a quick 4 day trip to Guadalajara to watch Kierra swim in the Pan Am Games. It was great working in Mexico with cell phone plans these days. I was able to schedule showings and take phone calls and no one even knew I was out of town. I love the way technology has changed the every day life of a realtor and I sometimes wonder why I even have a physical office.

Click on the Youtube icon on our home page and see one of the ways we present our listings. This has turned out to be a terrific tool after someone has made an offer on a house and wants to tell their zillion friends/neighbours/co-workers/relatives about their new home. Or Click HERE or http://www.youtube.com/watch?v=_JriJ83H-Ns

In other news my son Emmet and I entered the 10km event at the Okanagan Marathon last month. My first goal was to beat my 14 year old across the finish line and 2nd goal was to beat my time achieved 5 years ago. I was 0 for 2 in the goal department losing to Emmet by over 4 minutes but I was less than a minute off my 2006 time. I finished in 57:49 and Emmet 54:36.

Have a great November and Happy Halloween.

Andy and Jo. www.okanaganbc.com

Price Reduced on 1317 Lombardy Square in Glenmore

2011-10-28T18:14:00Z

Glenmore, Kelowna - Announcing a price reduction on 1317 Lombardy Square, a 2,064 sq. ft., 2 bath, 4 bdrm single story "With Finished Basement". Now MLS® $409,000 - REDUCED! PRICED TO SELL!.

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