Kelowna’s Upper Mission in the Spotlight

Kelowna’s Upper Mission in the Spotlight

I spent the last few days looking at homes in Kelowna’s Upper Mission area which has to be one of the nicest neighbourhoods in Canada. Great schools, little crime, people looking out for one another, jaw dropping views of the lake, luxurious houses complete with media rooms, oversized decks, gyms, 2nd kitchens, amazing ensuites, flatscreen TVs in every room….you get the picture. Upper and Lower Mission are two areas where students on standardized tests outperform students from private schools. Click HERE for an example of what you can buy in Upper Mission.

Out of 235 active residential homes for sale in Upper Mission, 25% of them are priced over $1 million with the average asking price being $1,050,000. On the other end of the spectrum, there are only a handful of homes under $400,000 with the most affordable being $397,000.

The average sale price in this area this year is $690,000 which is quite a leap from a million dollar average asking price. There have been 93 sales this year making UM a buyer’s market with home buyers having dozens of choices when looking. Something has to give here. Either an influx of high end buyers materialize soon or prices have to eventually soften.

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 bc real estate

Big White Ski Resort Real Estate Market

Big White Ski Resort Real Estate Market

What a wonderful place to spend a day, weekend or family vacation. Big White has world class skiing with, great restaurants, 100% ski in/out accommodation and is only about 45 minutes from Kelowna.  The Highway 33 is well groomed in the winter and makes access quick simple.

The Big White Resort is designed for the whole family to enjoy.  The resort has invested in  an out door ice skating rink which attracts a lot of family hockey games and everyone just joins in. They do offer ice skate rental, but bring your own hockey stick. There is also tubing  with different slides designed for all ages.

Big White happens to be one of my favorite places to spend Christmas and New Years.

The Kelowna real estate market up there has gone through what looks like a triple dip recession with prices for housing units bouncing all over the place. Currently there are 187 units for sale with price points for all budgets. If you’re looking for a vacation home with over 5,100 square feet there’s a $4.8 million dollar home for you? On the other end of spectrum, there’s a $37,000 condo in the Snow Ghost Inn. There are 20 homes priced under $100,000 and 5 over $1 million with the average asking price being $357,000. The average days on market for active listings is 255 days. On the sales side….

Unit Sales Ave. Sale Price

June 2005-Sept 2006 (ski season) 98 $315,000

2006/07 130 $207,000

2007/08 103 $337,000

2008/09 47 $233,000

2009/10 90 $304,000

2010/11 48 $230,000

There’s likely never been a better time ever to make an offer on a Big White condo with prices as low as they are and so much inventory on the market for so long. The doom and gloomers out there might suggest the average sale price still has room to fall but I’d wager a Canucks game day donut that with anyone that the 2011/12 average will be up significantly.

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 property for sale

Will The Average Sale Price of a Home in Kelowna be $460,000 or ….

Will The Average Sale Price of a Home in Kelowna be $460,000 or ….

Will the sale price of a Kelowna home next year be $460,000 or $520,000??

The Kelowna residential real estate market has been known to change quickly but over time, like most places, it increases and proves to be a sensible investment. Let’s look closely at the average sale price of homes sold in May in Kelowna...

Year No. of Solds Average Sale Price

2001 245 $198,000

2003 263 $244,000

2006 287 $429,000

2008 224 $563,000

2009 216 $505,000

2010 217 $523,000

2011 197 $487,000

So, $460,000 or $520,000 next year? Don’t feel badly if you’re not sure…neither am I.

I talk to buyers and sellers every day and there’s a significant disconnect right now with most buyers believing that homes are overpriced and will likely decrease, while most sellers think prices have already bottomed out. Who’s right? The media can spin a $487,000 averages sale price two ways by focussing on the fact that it’s down farily significantly from the height of the boom, then the next day a different reporter might say that house values have more than doubled (146% increase) in the past ten years. Do you celebrate the decade or beat yourself up for not selling in early 2008?

When Jo-Ann and I started selling real estate here in 1996, pricing a home was simple. A typical bi-level in Rutland would sell in the $140,000-$150,000 range depending on if there were 2 or 3 bedrooms upstairs and Glenmore $160,000-$170,000. It was a simpler time and we could use comparable sales from the previous 3 or 4 years because values hadn’t changed and we were often able to assess a home by the time we walked from the driveway to the front door. These days it takes hours to determine a home’s value and market conditions change quickly. A quoted estimate in June or July probably won’t be the same in October or November.

Right now, there is an 11 month supply of homes on the market which is reasonably healthy. Buyers still have plenty of options while sharply priced homes are selling.

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 properties for sale Kelowna BC

Kelowna Condominium Update….June 2010

Kelowna Condominium Update….June 2010

Some have been asking for condo statistics for last month so here is my breakdown with explanations and predictions. Sometimes I’m even right.

The facts. There are 423 townhouses and 1,103 apartments for sale right now in Kelowna. The average sale price last month for townhouses was $350,000 which is up from $344,000 the previous month. Apartment averages rose significantly from $223,000 to $273,000. When we see dramatic monthly changes in price, either up or down, we always caution people not to read too much into it. If you’re an apartment owner, please don’t be led to believe you’re now $50,000 wealthier this month because this will correct itself shortly.

Chances are, if you own an apartment worth over $400,000 it didn’t sell last month. There are 160 such units on the market and only 9 (not a typo) recorded sales last month. This means there is an 18 month supply of inventory on the market right now in this price range with more listings appearing daily. This is the segment of the market that needs a price correction more than any other but optimistic sellers are reluctant to adjust asking prices. The good news is that the over supply of high end apartments will work itself out eventually and this cohort of seller is the most able to sustain an extended buyers market since there aren’t too many “have-to-sell-now-for-groceries” sellers.

There are 850 apartments priced under $400,000 with 67 sales recorded in May. Still a buyers market but nothing unmanageable or newsworthy here. An 11 month supply of these units often requires a price tweak in order to sell but sharply priced listings are selling.

Townhouses. A little more balanced here with an 11 month supply in the under $400,000 range and 29 sales in May and 305 units available. There are 118 available over $400,000 with 11 sales last month.

We hope you’re enjoying your Summer wherever you are now and please drop in and say hello to us if you visit Kelowna.

 

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 realtor Kelowna bc

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