Kelowna Home Sales November Round Up with Andrew Smith
Kelowna Home Sales were above 2012 sales in Kelowna. When you spend time with KelownaRealtors as I do then you will have a pretty good idea of what’s happening in the market. But, to find out what is really happening in our real estate market, ask any person working at the front desk of a real estate office how many calls they receive on a Saturday. Saturday mornings can be a wave of activity with the receptionist doing the work of many by answering calls, clients walking by and Realtors trying to book appointments or find other Realtors. And on another Saturday we question why we have the office open.
We a lot of data available to us with the internet and local papers and banks forecasting the market. Then there is CMHC publishing their predictions regularly and the BC Real Estate Assoc. with an economist full time on staff researching and making reports. I would enjoy seeing a stat in Kelowna that counts how many Alberta license plates are sitting in the Kelowna real estate offices parking lots on Saturday mornings. I think this could be a good indicator of where our market is going.
The Okanagan Real Estate board makes a survey every month and buyers of Kelowna real estate from our Alberta neighbors went from 22% to 14% Sept to Oct. The Vancouver and the Vancouver Island buyers dropped to 8% from the month previous which was 12%. The buyers from outside of the city do continue to play a big part in our real estate market, even in the colder months, but as usual it becomes a market where the majority of the sales will be made by Kelowna residents buying from locals until February. Okanagan buyers buying from other Okanagan people increased from 47% last month to 59% this month. And as long the winter travel over the Rogers Pass and the Coquihalla makes people uneasy I do not think we will see changes in the near future.
November was a good month for home sales with a total of 184 sales. The average list price was $525,179 and the average sold price was $487,347. This compares positively to the November 2012 with an average sale price of $483,000. For Kelowna condos there were 56 Sales in November ( including 7 Big White condos) a promising change from November 2012 with a total of 44 condo sales.
Every year home sellers take their homes off the market at the beginning of December to prepare for the holidays, this year 354 homes came off. Interestingly enough there are still buyers looking, and between Christmas and New Years is no exception. It happens to be a time when people are taking vacation weeks can spend that time looking at homes. These buyers are usually quite serious.
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