If the Kelowna Market watchers could jump across the USA border for a minute and see what is happening in the States they would have to wonder how if affects us. According to the Wall Street Journal the USA are predicting a 5% increase in home prices for 2014 . This is a trend that has been continuing with a 20% increase in prices over the past two years.
The number of brand new homes is at the lowest in 50 years so the prospects are good for the market to increase next year. How does this affect us?? We lost out on a lot of buyers of Kelowna homes who invested in Scottsdale, Palm Springs and the Maui market because of bargain basement pricing in those communities. We have a better chance of attracting the investment buyer now that the US market is on the rebound.
This week was fairly normal for Kelowna homes in real estate sales. There were 48 sales at an average sale price of $485,000. Rutland South, Lakeview Heights, and Westbank Centre were the most active areas with 5 sales each. In Upper Mission, Lower Mission and West Kelowna Estates there were 3 homes sold. The low was $225,000 for a ½ duplex in Glenrosa.
When you are reading a a newspaper and don’t find any real estate market stories it’s usually safe to assume things are normal. Trends are continuing, nothing to get too excited. We are on our way to a strong 4th quarter , our market usually gets slower as the weather gets colder which opens the door to some great opportunity for the buyers who are able ready and able to buy.
If you are considering a certain area of Kelowna you can search homes by neighbourhood
Out of over 700 condos and townhomes for sale last week, there were a total of 10 sales. That might seem low, but there were only a total of 44 condo sales in November 2012. The condo market has hit it’s hibernation season, so that makes it a buyer’s market
For this weeks top 5 deals call Andrew 250-979-8066
Andrew Smith and Jo Ann McLellan
Smith McLellan Group- Royal LePage Kelowna