Third Quarter Results, Results Mixed, Wine Festival and OK Marathon

Third Quarter Results, Results Mixed, Wine Festival and OK Marathon

Sobering news for homeowners trying to sell in the $700,000 plus range this quarter. There are currently 1988 residential homes for sale in Kelowna (and area) with an average asking price of $878,000 (not a typo). The average sale price for the first three quarters this year was $481,000 indicating the disconnect is continuing and widening with what purchasers believe homes are worth and actual values. Having almost 2000 homes on the market is well above where it ought to be and we will likely see a lot of listings come off MLS as we approach Winter.

There were 684 residential sales for the third quarter this year which is an improvement over the 441 sales recorded for the 3rd quarter last year. Q3 2008 was when the wheels fell off the bus but it looks like low interest rates are finally bringing first time buyers into the marketplace. The out of town high end investor hasn’t decided to come back to the party yet so most transactions are from local buyers. The average sale price for the third quarter was $499,100 down from $530,000 for Q3 2008.

There’s a lot going on in Kelowna over the next little while with the Okanagan Fall Wine Festival starting next week and then the Okanagan International Marathon will be happening during Thanksgiving. Both of these events bring a lot of people into our fair city and it is not unusual for them to come back at a later date and look at the possibility of buying in our fair city.

Having your home on the market during the Wine Festival and the Okanagan Marathon could be a good thing, you never know where the next buyer is going to come from.

Realtor Andrew Smith
Living in Kelowna,
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 rentals

Twitter- Keep up todate on the Kelowna Market

Twitter- Keep up todate on the Kelowna Market

Topic 1. Jo and I are on Twitter. Follow us at www.twitter.com/smithap01 . We have been providing CMHC market updates, mortgage rate changes, our open house schedules and other interesting tidbits so be brave and follow us.

Topic 2. Is it just me or does it seem as though all of Kelowna’s roads are under construction just in time for back-to-school season? Getting two kids to school in the morning is either a 10 minute walk, 5 minute bike ride or 20 minute car ride assuming someone feels sorry enough and lets me merge onto Gordon. Older schools just weren’t designed for 500 cars doing touch-and-gos twice a day.

Topic 3. Real Estate News. Are Kelowna home owners allowed to breath a sigh of relief yet? Did we slay the recession monster or is it going crawl up off the ground and subject us to another long, cold, dark winter?

August 2009 saw 209 residential sales with an average sale price of $521,000. Those in the “the glass is half empty” crowd will look at August 2007where we recorded 311 sales while the “half full” crowd will look at the same data and compare it to August 2008 when we recorded 139 sales. I think
August 2007 and August2008 were both unusual months and this past August represents a normal month with few surprises. Mercifully, lake shore homes are selling again as our market recorded 8 sales last month over $1 million.

The average sale price last month was $521,000 up from$504,000 in July and $486,000 in August. The reason being the 8 lake shore homes selling skews the averages higher. Everyone is certainly in “wait and see” mode as to weather or not the high end purchaser has awoken after a long slumber or if last month was just an anomaly. Stay tuned.
Until next time,
Realtor Andrew Smith
Living in Kelowna,
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 Okanagan valley real estate

Did We Slay Recession Monster Yet?

Did We Slay Recession Monster Yet?

Are Kelowna home owners allowed to breath a sigh of relief yet? Did we slay the recession monster or is it going crawl up off the ground and subject us to another long,cold, dark winter?

August 2009 saw 209 residential sales with an average sale price of $521,000. Those in the “the glass is half empty” crowd will look at August 2007 where we recorded 311 sales while the “half full” crowd will look at the same data and compare it to August 2008 when we recorded 139 sales. I think August 2007 and August 2008 were both unusual months and this past August represents a normal month with few surprises. Mercifully lakeshore homes are selling again as our market recorded 8 sales last month over $1 million.

The average sale price last month was $521,000 up from$504,000 in July and $486,000 in August. The reason being the 8 lakeshore homes selling skews the averages higher. Everyone is certainly in “wait and see” mode as to weather or not the high end purchaser has awoken after a long slumber or if last month was just an anomaly. If you are looking for a home under $500,000 it could be a wise decision to start the search before this price range starts to move up

There are only 18 single family homes for sale in Lakeview Heights, Dilworth Mountain, Glenmore/North Glenmore and Rutland priced under $350,000,which make pickings slim for buyers in these traditional middle class neighborhoods. Of the 180 homes for sale in Upper Mission there are only 2 for sale under $450,000 in this tony upscale neighbourhood. There is still too much inventory in this city in the $600,000 and up range with 858 homes on the market.

Realtor Andrew Smith

Living in Kelowna,
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 real estate Kelowna