Kelowna Residential Prices Inching Upwards

Kelowna Residential Prices Inching Upwards

Kelowna Residential Prices Inching Upwards

There are currently 1,954 residential homes for sale in Kelowna ranging in price from $219,900 for a 2 bedroom, 2 bathroom 1,100 square foot home on Laurel in Rutland up to an asking price of $18,000,000. There are just over 400 homes available in the $350,000-$450,000 range which is were typical first time buyers with mortgages and minivans live. With interest rates at record lows and home prices looking like they’re inching up again, the “wait-and-see” crowd need to act otherwise they’ll find themselves in the “waited-too-long” crowd. There are still only 18 foreclosures on the market.

Through the first 11 weeks of this year, there have been 209 residential sales in Kelowna (and area) with an average sale price of $436,500. Compare and contract with the first 11 weeks of 2008 where we saw a $523,000 average sale price with 454 solds. What really stands out is the absence is the high end purchaser so far this year. There were 8 homes that sold over $1 million this time last year including one that sold over $7 million. So far this year there has only been 1 sale over $1 million which is really skewing our numbers.

Always trying to end on a positive note, the good news is that the market is clearly increasing, albeit slowly. The average sale price in January was $420,000, February was $425,000 and through 18 days of March $448,000. I don’t know if we will see average sale prices escalating to the level we saw early last year but there’s certainly a lot more activity these days in areas like Shannon Lake, Rutland and Glenmore. Let’s hope this isn’t a blip and this upward trend continues.

Regards,
Andrew Smith
“Your GPS to Real Estate”
Smith McLellan Group

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 homes for sale Kelowna BC

Kelowna Housing Market Improved In February

Kelowna Housing Market Improved In February

Improved Kelowna Housing Market

The market improved in February in both the number of unit sales and in the prices. So far this year, through the first two months, there have been 144 residential home sales at an average sale price of $429,988. January saw 54 residential transactions with an average sale price of $420,000 while February saw 90 homes sell at an average price of $435,000. It’s encouraging to see both the number of homes selling and prices increase, albeit marginally, this year and hopefully this will continue. It’s certainly something to build on.

There certainly is a disconnect going on between Kelowna home sellers and potential buyers. While there has been equity erosion over the past ten months, many home buyers are of the mindset that Kelowna sellers are prepared to accept any offer presented to them and this just isn’t the case. Kelowna remains a blue chip real estate market and continues to outperform the overall Canadian housing market.
A quick word about foreclosures…

In California, during the Fourth quarter of 2008 there were 80,595 foreclosures in that state. We all know the reasons by now which include adjustable rate mortgages, NINJAA (no income, no job, no assets) loans, no documentation loans, interest only loans etc. This has clearly created unimaginable hardship for each family involved, but 18 months into the U.S. sub-prime crises and there are only 15 foreclosures here in Kelwona. 15! There are so few, I can just about type all of them out while holding my breath…Camelot, Saucier, Carruthers, Lakeshore, Clement Quail, Westpoint, Fitzpatrick, Spyglass, Warbler, Mission Ridge, Feedham, Woodridge, Vintage Terrace and Roth.

With our neighbours from Vancouver, Alberta and USA largely staying out of the Kelowna housing market, we will continue to be dependent on local buyers which means less activity in the luxury condominium sector and the vacation home market. There has only been one sale above $1 million this year which is skewing the average price downwards. All other residential sectors in all areas of the city have active housing markets and sharply (ok, really sharply) priced homes continue to sell. The good news is that a lot of commerce is still taking place and there are a lot of unbelievable buying opportunities right now. Let me know if you would like specific information on current deals especially luxury condominiums and lakeshore properties which are becoming plentiful.

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 real estate prices