Smith McLellan Group Kelowna BC Real Estate

Kelowna Real Estate - Kelowna Condos Is It Time To Buy??

2013-05-08T17:02:00Z

In the Kelowna Condos Market this could be the best time ever for a buyer . There are currently 817 Kelowna Condos and 313 Townhomes on the market for sale.

Kelowna Condos... There have been 196 sales year to date with an average sale price of $226,000. With 50 sales per month there is a 16 month supply of condos for sale in Kelowna. It is a buyers' market with a lot of inventory to choose from. For the same period last year, there were 235 sales with an average sale price of $226,000(no change). 2011 had 199 sales at $250,000. There appears to be downward pressure on prices.

Kelowna Townhouses There are 313 townhomes for sale in Kelowna. There were 106 sales recorded during the first 4 months so there is approximately a 1 year supply on the market. The average sale price so far this year is $310,000 which is down from $331,000 last year. The same period in 2011 saw an average sale price of $323,000.

The first part of the year includes a lot of Big White Condominiums which impacts the statistics more than any other part of the year. Regardless , it's a buyers market and will be for some time.

If you are thinking of buying a Condo or Townhome in Kelowna please give me a call 1-877-330-5884 or email info@okanaganbc.com and I will send you the BEST 5 DEALS in your price range

Andrew Smith and Jo-Ann McLellan

Smith McLellan Group Royal LePage Kelowna

www.OkanaganBC.com

250-979-8066

Best Selling Author of "House Virgins" How To Buy A House The Right Way The First Time

Kelowna Real Estate Market Update

2013-02-19T23:21:00Z

189 Kelowna Home sales In the Okanagan Mainland Real Estate Board Kelowna area with an avg sale price of $451,000.00.

In 2012 at his time 207 sales at an average sales price of $439,400.00 . I predict the average sale price will jump as the year progresses and out of town buyers (possibly Alberta) come to Kelowna. Right now there are direct flights from Fort McMurray which has made our market very interesting.

As of Feb 19,2012 1,598 residential units are now listed including 491 listings over $700,000 and over 400 homes priced under $400,000. So far in 2013 there has been 101 sales in the under $400,000 brange (balanced only 16 sales over $701,000. f you are on the market and listed for over $700,000 this will explain why you have not had very many showings.

Our Valentines Contest " Pin It To Win It " was alot of fun and thank you to all our "Pinners". The winner was Robyn Hoffman who received a stunning bouquet of Roses

Floral Designs By Lee in Kelowna

If you are thinking of buying before June call ANDREW

1-877-330-5884 for my TOP 5 PICKS in your price range

"I help people find the right home, at the right price, in the desirable Kelowna Area."

Andrew Smith RealtorJo-Ann McLellan Marketing

Royal LePage Kelowna Smith McLellan Group

250-979-8066 or 1-877-330-5884
For an update on new listings go to

Kelowna Real Estate www.OkanaganBC.com

www.twitter.com/smithap01

Valentines Day- Things to do in Kelowna (Video)

2013-02-14T19:48:00Z

Happy Valentines Day!! VIDEO "LIKE & SHARE" http://youtu.be/gMsO0ZgcG-Q

If you are wondering what to do with your Valentine this week, here are a few suggestions.....

Freddy’s Brewpub dinner dance package that includes a three course meal, bottle of fine wine, and the amazing music of Steve Todd for you and your loved one to dance the night away.

Big White Ski Resort enjoy a private Champagne Gondola ride for two. The gondola ride will include music, candles, champagne and chocolate covered strawberries for a quiet evening of love and romance. Reservations for the Gondolas can be booked at the resorts activity desk.

The Pulp Fiction Coffee House will be holding a Valentine’s Day evening. For Clocolate Lovers there is a Chocolatier to make the perfect chocolate gift for your Valentine, also enjoy a free red velvet truffle with the purchase of a specialty drink.

The Kelowna Rockets Valentine’s game Vs. Everett Silvertips begins at 7PM. There will also be a buffet at the game to make the evening extra special.

The Running Club Fresh Air Concept - They meet at 5:30 at 555 Groves Ave (off Pandosy) (map)

The Running room has a special Valentines Run to prepare for the 10k in Vancouver in April

The Masquerade ball on Saturday night at the Okanagan Mission Community Hall starting at 8pm . Tickets are $25.00 and proceeds go to the Wish Come True Society.

Bo.teggas Valentines experience: Love is ..... includes a cocktail lounge, appies, dessert and entertainment and dancing. Semi formal and tickets are available online at bo.ttega.com

Dancing included

"LIKE" and share our Valentine Video

Thank you to those who entered our "Pin It To Win It Valentines Contest" on www.pinterest.com/kelownabc the winner this year was Robyn Hoffman and Floral Designs by Lee supplied and delivered the most beautiful bouquet of Roses.

Happy Valentines Day,

Andrew Smith 250-979-8835

Smith McLellan Group

Royal LePage Kelowna

For all your Kelowna Real Estate needs www.OkanaganBC.com

HAPPY VALENTINES DAY!!

2013-02-12T00:08:00Z

Send Roses to your Valentine!! enter our Valentines Day send roses contest as www.pinterest.com/kelownabc

Best in Kelowna Real Estate

Andrew Smith 250-979-8066

www.Okanaganbc.com

#kelownabc

View Video
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KELOWNA REAL ESTATE OUT PERFORMS THE REST OF BC

2012-09-19T14:43:00Z

Did the Central Okanagan buck a provincial trend in August or am I reading our MLS numbers incorrectly?

Earlier this month we reported 205 residential unit sales at a $573,000 average August 2012 compared to 158 units sold August '11 at $540,000 average. Both average sale price and units sold up significantly august over august. I'm not sure why or how we bucked the provincial trend last month and the numbers appear to way outside the statistical margin of error. The provincial average sale price was down 25% August over August and units sales were down 18%. There were clearly a lot of high end homes selling in Kelowna this past August compared to a year ago, and a lot more homes did sell, but I've never seen our market outperform the rest of the province so significantly. Only time will tell if this is a blip or the start of an upward trend.

According the the BC Real Estate Association, overall sales in Kelowna are up 17.4% this year compared to the same point last year. We're the 2nd most improved real estate board only behind "Northern Lights" board. A gold star to anyone who knows where the Northern Lights real estate board is.

'Til Next Time,

Andrew Smith

Smith McLellan Group

Royal LePage Kelowna

www.okanaganbc.com

info@okanaganbc.com

For Today's top Real Estate Deal

Call Andy 1-877-330-5884

The High End Buyer Rolls Into Kelowna (Finally...sort of) August 2012 -Kelowna Real Estate

2012-09-02T17:05:00Z

This past month was one of those months that no one predicted and sellers shouldn't get too excited about. The high end buyer showed up, finally, in August and we saw 18 homes sell over $1,000,000. The average sale price of the 209 residential sales was $570,000 which is up significantly from the $491,000 average from July. NO, YOU'RE HOUSE DIDN'T GO UP $80,000 LAST MONTH!

Some months a lot of low end homes sell and the average sale price slips significantly but this month the reverse happened pushing the average sale price way beyond where it should be. There were 50 homes that sold over $600,000 and only 50 that sold under $360,000 which is unusual. The number of homes selling slipped a bit though compared to July '12 when there were 233 sales but this number is way up from August '11 when there were only 162 sales. Long time readers of this blog know that 200 monthly sales is what I consider a healthy month. Everyone should be cautiously optimistic heading into the Fall market.

Although 50 homes sold for over $600,000 last month please be aware that there are still 870 homes still for sale priced over $600,000 so we're still in a buyer's market.

Check out our new Pinterest www.pinterest.com/kelownabc

Regards,

Andrew Smith

250-979-8066

For all of your Real Estate needs http://www.OkanaganBC.com

This Isn't Your Father's Kelowna Real Estate Market.!

2012-08-22T02:51:00Z

August is looking like it is going to be the best August in a long time.. When Jo-Ann and I moved to Kelowna 15 years we were told over and over again that the weather dictates the real estate market here. Then July 2010 happened with only 126 residential sales with the previous December generating 131 sales. Huh? Must double check those numbers because Summer 2010 was a typical hot Okanagan summer with Alberta license plates everywhere. Smart readers will recall that the HST was implemented during the Summer of 2010 but nevertheless, since then, our market has turned into a year 'round real estate market and we're unlikely to go back. Sure, there are peaks and valleys but things don't stop here like they used to once we put our snow tires on.

So far this month there have been 144 residential sales at an average sale price of $574,000. This is on pace to obliterate August 2011 when there were 158 sales at $540,000 and we've already surpassed August 2010 when there were 138 sales at $535,000. Don't get too hung up on the dollar amounts because the average sale price so far this year is still less that $500,000 ($497,000).....we're just having a good month. The number to look at is the unit sales and we're on pace to having the busiest August since 2007 when there were 322 sales that month ($552,000 average).

We're also have a good month on the condominium side. So far, there have been 97sales at $304,000. This compares favorably to the 105 sold in all of August last year at $238,000.

Jo-Ann and I just spent about an hour talking with Joe Ungaro about real estate and I wish we could have been there all day. The issues realtors faced decades ago are strangely similar to today's and we enjoyed the stories from a life long realtor who's the son of a lifelong realtor.

It's been really quiet in the Smith-McLellan household lately with Kierra off to university. We knew the day would come and Jo and I are excited for her, but I didn't think I would miss all the "girl drama" this fast.

Back to work everyone.

Andrew Smith 250-979-8066

Smith McLellan Group - Royal LePage Kelowna

www.OkanaganBC.com

MONSTER MONTH- KELOWNA REAL ESTATE

2012-08-02T19:15:00Z

July was a monster month in Kelowna real estate. MLS data showed we recorded 233 residential sales for the month compared to only 165 for the same month last year. I'm not sure why either. We can't credit or blame HST any more and interest rates are similar to last year. When I ask around people say the weather has been a lot better but my experience has been that people don't buy or not buy a house because it's partly cloudy with a chance of afternoon showers. Regardless of why, July 2012 was a good month but we still have a lot of work to do.

Digging deeper into the 233 sales number....There are still 2,147 residential homes for sale in Kelowna so this means there is still over 9 months' supply of homes for sale making this a buyers' market and I can't even remember the last time we were in a balanced market. We would need to generate 350 sales a month in order for it to be balanced or see 750 homes come off the market. Nevertheless, everyone can agree that the surge in unit sales last month is reason for optimism.

You might be thinking "so what...what's my house worth". Through the first 7 months of this year the average sale price is $489,000 compared to $501,400 for the same period in 2011 and $523,800 for 2011. The rigid laws of supply and demand seem to be playing out here with prices decreasing slightly, we're seeing more sales activity.

Let's quickly talk about condos. There are 1,502 strata units for sale right now and there were 131 sales last month make it a buyers market as well. Prices have to come down in this segment of the market but they're staying high. If you're a condo owner, there's less than a 1 in 10 chance your condo will sell next month so consider dropping that price.

Finally, foreclosures. There are 66 residential foreclosures on the market which isn't that alarming but the number of sales is certainly on the increase, albeit slightly. So far this year there have been 78 foreclosure sales compared to 57 for same 7 months last year. There were only 7 in 2008, 29 in 2009 and 47 in 2010. Everyone wants to see that momentum halted but it appears that the pre 2005 days where a foreclosure was a rarity are long gone.

I hope you're enjoying your Summer and drop by and say hi if you're passing through Kelowna

If you want to see some interesting parts of Kelowna and you are up for an early morning ride Text or call Andy at 250-979-8066

Happy Vacationing,

Andrew Smith

Smith McLellan Group

Royal LePage Kelowna

Kelowna Real Estate

Follow Andy on Twitter

Kelowna Real Estate- June 2012 .....ARE YOU IN??

2012-06-30T15:39:00Z

Kelowna Real Estate for sale, active listings ....2,261 residential and 1,564 condominiums. This means, purchasers have rarely had such a selection in all price points and all areas of the city. Interest rates are at rock bottom lows and prices are down sharply from the peak of Spring 2008 so no surprise that the number of sales is increasing.

In Kelowna Real Estate June 2012 saw 221 residential sales with an an average sale price of $481,000. This compares favorably to the 216 sold June 2011 with an average price of $475,000. June of last year was the only month of 2011 where we recorded more than 200 sales and this month's 221 is the third consecutive month of 200 or more. The Good News Part....Kelowna Real Estate Agents may not be grinning from ear to ear, but we're frowning less with 3 consecutive good months in a row. The Bad News Part...Kelowna home sellers are still faced with long odds when selling with the amount of inventory on the market. I think there should be 700-800 fewer houses on the market in order to sustain 200-220 unit sales. It's always been important to price your home well when bringing it to market but these days it's a complete waste of time to overprice and hope for an offer.

More quick comparisons... June 2010 there were only 161 sales at an average sale price of $536,000. Ten years ago, June 2002, 215 sales at $223,000. I remember how big a deal it was when the average price regularly topped $200,000 and how surprised everyone was when a million dollar home would sell. Better stop, starting to sound like an old guy.

There were 9 residential foreclosures last month and there are 76 foreclosures on the market. To those who predicted the high number of foreclosures would impact prices negatively..."Meh!".

On the condominium side of things. 1,564 units for sale including 79 in foreclosure. Odd how more condos than houses in foreclosure but I imagine if someone is going to stop making payments on something it's likelier to be the golf condo instead of the principal residence. There were 132 condo solds in June '12 at an average price of $280,000. There were only 95 June '11 but the average price was $317,000. Well done condo owners!

Let's hope everyone has a safe Canada Day long weekend and we'll see you on the other side. Jo and I might take a day or two off with it being our eldest daughter's high school graduation and my parents 50th wedding anniversary this weekend. Camera batteries are fully loaded and a big box of Kleenex at the ready.

If you are looking for the best Kelowna Real Estate Deal Call or Text Andy 250-979-8066

Regards,

Andrew Smith

Smith McLellan Group- Royal LePage Kelowna

http://www.OkanaganBC.com

Follow Andy on Twitter http://www.twitter.com/smithap01

Kelowna Real Estate -June Year to Date

2012-06-13T20:18:00Z

There are currently 2230 homes for sale in Kelowna and there were 223 sales last month. This means, if you have a home on the market you have a 1 in 10 chance of selling it next month. The average sale price last month was $528,700. This is up from $487,000 from May 2011. You would think there would be downward pressure on prices with so much inventory for buyers to choose from but this isn't the case. Overall year-to-date prices are also up from last year, albeit barely, $491,700 compared to $486,600 last year. The 223 sales last month was a bit of an eye opening increase from the 197 recorded May 2011. So far, June is looking good too We're deep enough into the year now to safely assume prices won't be coming down. Sorry bargain hunters. We can also safely assume prices aren't going to go into the stratosphere quickly either. Sorry sellers. Comparing sale prices on a month to month basis sometimes leaves you wondering what's going on with prices but we can usually attribute that to a few freakishly high lakefront sales falling in a given month.

There are 73 foreclosures for sale which represents 3% of the overall inventory. There have been 57 foreclosure sales through June 1st which represents 6.6% of all sales this year. There was some worry at the beginning of the year that foreclosures might start putting downward pressure on prices but this hasn't been the case. 153 Condominiums sold last month at an average price of $296,000. The same 1 in 10 ratio almost applies here too with 1,570 condos on the market. Prices slipped a little from $309,000 in May 2011 but the number of sales is up from 130 12 months ago. Keep working hard everyone. Let me know if you want CMHC's housing forecast for Kelowna emailed to you. Just got it yesterday. Follow me on Twitter if you want quick updates of our housing market in real time, or anythings else that might be going on in our busy household.

Thanks for reading,

Andrew Smith

Smith McLellan Group

Royal LePage Kelowna

250-979-8066

www.twitter.com/smithap01

www.okanaganbc.com

Kelowna Real Estate- Downtown

2012-05-14T21:09:00Z

I promise this will be easier reading if you can humm Petula Clark music at the same time.

Let's define downtown as being from Poplar point up near Knox Mountain, up to Gordon Drive, then South to K.L.O., and of course the Lake on the West. Argue all you want....my blog, my boundaries! There are currently 137 residential homes for sale downtown and 280 condominiums.

Last year at this point in the year, there were 61 condo sales recorded at an average price of $331,000 and this year there have been 80 sales at a $312,000 average. As for houses, it's the same trend. Last year saw 49 sales through the beginning of May at an average of $394,000 and this year the average is $389,000 based on 49 sales. Seems clear that prices are softening somewhat in the downtown core resulting in increased sales activity. With approximately 20 condo sales a month downtown we're still stuck in a buyers' market but a significant improvement over the 15 sales per month we were generating last year. We need to get this number to 45 per month for a balanced market so let's keep those price reductions coming.

There is still a 10 1/2 months supply of residential houses on the market today so, like condos, it's a buyers market but showing signs of improvement. We're averaging 13 sales a month compared 12 last year and prices are down marginally.

Currently, there are 15 lakeshore homes for sale and 68 lakeshore condominiums.

Finally, there are 13 downtown condos in foreclosure and 6 houses.

Andrew Smith

Royal LePage Kelowna

Follow me on Twitter www.twitter.com/smithap01

http:www.Okanaganbc.com

Kelowna Real Estate - The Good News- It is a Great Time to Buy a Condo!

2012-05-09T22:04:00Z

Kelowna Condos-There is still an over supply of condominiums on the market here in Kelowna but the good news for sellers is that the number of sales is on the rise and the good news for buyers is it is a great time to buy a condo.. There are 1,384 freehold condominiums for sale today and there have been 379 recorded sales through May 1st. Let's quickly compare this to the last three years (January 1 to May 1)...

Year. Price Number of sales

2011 290,000 338

2010 293,000 426

2009 282,000 276

My first thought...."thank goodness 2009 is over". The 379 sales this year represents a 12% increase in units sold and no one can deny this isn't a positive sign for our condo market. Prices have dropped marginally from last year's $290,000 but we're still where we were in 2009 which isn't too bad when you look at the amount of inventory on the market.

From an historical viewpoint, the average sale price 10 years ago (jan-may) in Kelowna was $140,000 with an almost identical number of solds (391).

Andrew Smith

Smith McLellan Group

Royal LePage Kelowna

http://www.OkanaganBC.com

<a href="http://twitter.com/#!/smithap01”>Follow Andy on Twitter</a>

Kelowna Foreclosure Watch

2012-05-08T17:30:00Z

We seem to be treading water at the 172 mark for total foreclosures in our city. Lenders don't discriminate who's foreclosed on when you look at the numbers closely. An astute buyer can buy mobile homes, ski hill condos, lakefront lots, senior's assisted living condos or standard issue middle class family homes. There was a big worry last year that the number of foreclosed homes with escalate to over 200 by this time but this doesn't seem to be the case. There have been 87 foreclosure sales so far this year so our courts have been busy and efficient turning them over.

If you want a list of all the Kelowna Foreclosures just drop me a quick email and I'll get it out to you. Thanks.

Andy Smith 250-979-8066

Smith McLellan Group- Royal LePage Kelowna

info@okanaganbc.com

NEW**** BC FIRST TIME HOME BUYER'S $10,000 BONUS

2012-05-07T23:43:00Z

Thanks to Scott Jennings , Mobile Mortgage Specialist at TDCanada Trust

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"I was on the phone with BC Finance Dept. 30 min ago and would like to share the following eligibility information for the $10,000 First Time Buyer rebate"

1. ONLY FIRST TIME BUYERS can be on Title

2. See Facts sheet from Prov of BC on our website www.Okanaganbc.com

3. CLICK HERE FOR FORMS

a. Forms are on this site, they say draft however, these are the forms you must use. “Draft” is only because the gov’t hasn’t figured out if they like this format or not

b. There is also a guide on the application to assist you through the paperwork and process

4. Phone number to call is 1 877 387 3332 if there are any questions

The gov’t has advised that they will begin making pay-outs to clients in the fall of 2012

More importantly, the Finance office stated that this is “TAX FREE”

If you or someone you know is thinking of buying their first home and collecting the $10,000 please call us for a free list of acceptable properties for this program. 250-979-8066

Andrew Smith 250-979-8066

Smith McLellan Group - Royal LePage Kelowna

www.OkanaganBC.com

Kelowna Condo Sales Up 10% Over Last Year!

2012-05-06T19:11:00Z

So far, through the first 4 months of 2012 Kelowna real estate sales, there have been 396 condominium sales compared to only 356 for the same period last year. That is an impressive 10% increase in sales. The average sale price this year is $275,000 compared to $290,000 last year. The correction in prices is clearly having an impact on sales and it is good to see.

There have been 55 residential sales in Kelowna over the last 7 days plus another 35 Kelowna condo sales. Condominium sales have been flat here for so long it's encouraging to see"condo-selling-season" in Kelowna . Older baby boomers looking for University housing choices are here now scouting around for August occupancy and the out-of-towners are typically starting to look for investment properties this time of year.

Andrew Smith 250-979-8066

Smith McLellan Group Royal LePage Kelowna

Click here for Kelowna Homes for Sale

Follow Andy on Twitter