I realize I’m a day early here and we still have 23 hours left to sell houses this month but I wanted to get a head start getting October stats out before everyone else in this industry….to heck with accuracy this month.
October was an odd month. The average price in Kelowna was $510,000 based on 147 sales. There will likely be 10-15 more sales reported tomorrow but the average won’t change much. Last October (2010) there were 15 homes that sold over $1 Million 2 that sold over $5 Million and one over $10 Million so there was no way we were going to break the $631,000 we achieved 12 months ago. There are only 1,466 single family homes for sale right now and this number will decrease and will likely be closer to 1,000 after all the expired listings happen tomorrow and November 30th. There are only 41 single family foreclosures for sale now which is manageable and not a big deal unless you’re one of those 41 homeowners. 150-160 sales for an October with a $500,000 average is terrific for Kelowna considering the Fall market is almost entirely in-town buyers with fewer out-of-towners….or as we Nova Scotians call them…”from-aways”.
On the condo side of things there are 1,475 units for sale which is still way too many. There are 72 condo foreclosures on the market and this number is trending upward. If you’re a condo owner trying to sell right now you’re strategy has to be a) be patient or b) lower your price (again) or c) take the unit off the market and wait this thing out.
When I started this blog it would have been easier to visit the 2 or 3 people who regularly read what I had to say. Now I’ve had about 2000 readers this year so the pressure is a little amped up and I’m remembering to run spellcheck and sometimes have someone proofread for me. Thanks loyal followers.
In this business they say the best way to get busy is to book a holiday because the phone always starts ringing off the hook the day before you’re supposed to leave. Last month Jo-Ann went to her niece’s wedding in Hawaii for a week so I handled her calls then I went for a quick 4 day trip to Guadalajara to watch Kierra swim in the Pan Am Games. It was great working in Mexico with cell phone plans these days. I was able to schedule showings and take phone calls and no one even knew I was out of town. I love the way technology has changed the every day life of a realtor and I sometimes wonder why I even have a physical office.
Click on the Youtube icon on our home page and see one of the ways we present our listings. This has turned out to be a terrific tool after someone has made an offer on a house and wants to tell their zillion friends/neighbours/co-workers/relatives about their new home.
In other news my son Emmet and I entered the 10km event at the Okanagan Marathon last month. My first goal was to beat my 14 year old across the finish line and 2nd goal was to beat my time achieved 5 years ago. I was 0 for 2 in the goal department losing to Emmet by over 4 minutes but I was less than a minute off my 2006 time. I finished in 57:49 and Emmet 54:36.
KELOWNA BC TO PAN AM GAMES GUADALJARA October 2011. Kierra raced in the 100m breaststroke last Monday and finished 5th with a time of 1:10.15. It’s her 3rd best event but the only one she was allowed to race in Guadalajara (long story). She came back with a silver medal as part of the medley relay team swimming in the morning preliminaries. Initially I wasn’t going to go to Mexico to see only 1 event but as the date came closer I changed my mind and found a cheap last minute flight and off I went. Swimming Canada managed to find me a ticket and I’m glad I was a part of it.
I stayed at the Don Quihote hotel in downtown Guadalajara, close to restaurants, buses, shopping, squares and a gazillion churches. Not the most spectacular of hotels but it was clean, people were really nice and the location was ideal.
I honestly made a reasonable effort to get around using buses. If you leave your first world sensibilities at the door I can speak reasonable Spanish after spending a year in Nicaragua 25 years ago and I think getting around on a city bus is best way to get a feel for a city. It didn’t work out too well though and I abandoned that plan on 2nd day. Taxis are fun too and $5 gets you pretty anywhere. Overall, I loved the food, history, architecture, music and the overall pace of Guadalajara.
As for the swimming….the United States dominated this meet from the first day through the last winning gold and silver for most events and they didn’t even bring their team. Their developmental swimmers were still better than everyone else and most races were a battle for bronze. Kierra was happy with her time and happier with her relay silver. She adjusted to the altitude really well and is well positioned for the olympic trials in Montreal next April. She had never competed in front of 4,000 people and she’s never signed an autograph before so it was a good experience. Her University of Minnesota coach was coaching the USA team so she was happy to see a familiar face on deck
Over-all, there has been 171 residential sales this September in the Kelowna Real Estate market with an average residence selling for $537,000. September of 2010 witnessed 139 sales with the common sale amount of $510,000. Glad to see the total number of properties selling going up. The fourth quarter is traditionally the slowest with regard to the actual number of sales and much of houses may come off of the current market in November as well as December but the potential buyers that tend to be in the market during the winter months tend to be the most serious and also bargain less. I’ve always actually maintained that the ideal time of the season to list a house for sale around Kelowna is actually November first after the two hundred or thereabouts homes come off the marketplace.
Highlight on West Kelowna’s Lakeview Heights As of generally there are 154 non commercial properties for sale, not including lakefront without including houses on native land. There happen to be seventy eight sales thus far in 9 months. This signifies there is approximately a 17 month supply of homes in the marketplace. Bearing in mind that 6 months of supply is considered a balanced marketplace, Lakeview Heights is quite plainly a purchasers’ market. I believe anyone who drives about Lakeview Heights, even when they are not looking for a residence realizes the amount of for sale signs. Every seller should be aware about these numbers.
Sales prices haven’t been slowing down however… (again, non-native/lakefront….very first 9 months of each year)
2011 78 645,500 (average Asking price with regard to these properties ended up being $678,400)
Lakeview Heights has regained just about all value losses from 2008/9. The construction of the brand new bridge makes life significantly a lot easier for Lakeview Heights citizens and also the vote to create their unique municipality (West Kelowna) certainly has not yet impacted residence values adversely. All the newest commercial shopping locations launching around the Westside have made living in Kelowna’s Westside simpler plus the development of the brand-new overpass/movie theatre/shopping shopping center could make the entire Westside more pleasing.
The question is what is going to happen to residence prices along with 154 house owners chasing 9 homebuyers a month. Obviously there ought to be downwards demand upon prices but the area seems to have outperformed some other neighbourhoods in the past and will need to again. I’d personally bet the typical price may strike $700,000 prior to actually falling under $600,000 again. Keep tuned in.
Home foreclosures There happens to be 52 residential properties in foreclosure right now throughout Kelowna. This still grouped into the “meh, whatever” category. Since there are approximately 2,000 homes for sale it still symbolizes a trivial portion of the marketplace. On the other hand, there have been 74 home foreclosure sales this year compared to sixty three for first three quarters of 2010 and 27 in 2009.
Condo properties I used to cringe whenever I looked at these types of numbers. These days they’re a lot more encouraging. September 2011 observed a 110 sales at an average price of $277,000. This is nearly the same as August ’11 with 119 sales at $282,000. We’ve come up to now 2009/2010 in which we had consistent unit sales amounts with double digits. September 2010 recorded 78 condo sales at $286,000. There continue to be 1,440 condominiums for sale therefore consumers have a large selection however conversely prices are softening ever so slightly as well as the number of purchases has grown. Never fails.
Unfortunate Mention I’m unhappy to learn earlier this week that Steve Jobs died. The very first time I spotted an Apple product was in an episode of ER when Anthony Edwards’ character was travelling in some remote Africa village in the back of a travelling pickup truck listening to opera on his iPod. Shortly after, I read in a John Grisham story exactly how one of the characters saved data in their iPod and concealed the device below a floorboard in their apartment. I made the purchase of the original iPods via Costco simply to bring it home and learn I required and was lacking something called a “firewire” slot in my computer. I wasn’t prepared to buy a brand new computer to tune in to music therefore We wound up returning it. Fast forward to this year and I finish the majority of nights reading from an ipad from apple whilst playing music on a teeny little iPod. Every workday starts with cracking open my Macbook computer and I under no circumstances get viruses or come across standard Windows issues any longer. I may now design and style as well as develop a web page with my children or even a family holiday getaway in 10-15 minutes. I did not realise it till after this transpired but sooner or later I must have drank the kool-aid and joined the Apple company cult. Thanks for everything Steve.
Last But Not Least…..Shameless promotion of one of our kids Enormous shout out of Jo-Ann and I to Kierra Smith who will be off the Guadalajara Mexico in order to participate in the Pan Am Games. She’s a swimmer and leaves Tuesday for two weeks. Her event will be the 100 metre breaststroke and she is going to be seeded 5th or 6th so with some luck she might come home along with a medallion. . Guadalajara New Pool & Athete Village
Downtown Kelowna has changed so much in the past 15 years I have lived here….. and mostly for the better. I can not think of a nicer run than along Kelowna’s downtown waterfront.
Start at City Park along the lake, past the yatch club, along the seawall towards Paul’s Tomb. And that is just along the waterfront. If you stray into the downtown there’s a vibrant cultural district with live theatre, wine museum, Rotary Centre for the Arts, Prospera Place for hockey games and larger concerts and one of the cooliest libraries anywhere.
Head east along Bernard Avenue, Kelowna’s onetime commercial corridor, you’ll encounter dozens of heritage homes, mature trees and landscaping, many shops/ theatres/restaurants, the French Cultural Centre and now a luxury high rise tower. Along this route is one of the best deals in Kelowna.
1299 Bernard is a 2 to 3 bedroom townhouse on three levels with over 1500 sq ft. and an unbelievable asking price of $179,000.
There is even an elementry school downtown just a short walk, this part of town is the most undervalued in the city.
As of right now there are 154 residential homes for sale, not including lakefront and not including homes on native land. There have been 78 sales so far in 9 months. This means there is approx a 17 month supply of homes on the market. (this number is a crude estimate and will change once all the conditional sales firm up….it will probably jump to 82 sales). Keeping in mind that 6 months of supply is considered a balanced market, LH is quite clearly a buyers’ market. I think anyone who drives around LH, even if they’re not looking for a house notices the number of for sale signs.
Sale prices haven’t been slowing down though… (again, non-native/lakefront….first 9 months of each year)
2001 102 $225,000 (’01 solely for historical purposes) 2005 163 $394,800 2006 133 480,000 2007 122 612,000 2008 79 558,000 2009 80 536,800 2010 83 624,400 2011 78 645,500 (average asking price for these homes was $678,400)
Lakeview Heights has regained all equity losses from 2008/9. The building of the new bridge has made life significantly easier for LH residents and the vote to form their own municipality (west kelowna) certainly hasn’t impacted property values negatively. All the new commercial shopping areas opening on the westside has made living on Kelowna’s westside easier and the construction of the new overpass/movie theatre/shopping mall will make the entire westside more desirable.
The question is what will happen to property values with 154 homeowners chasing 9 home buyers per month. Obviously there should be downward pressure on prices but the area has outperformed other neighbourhoods in the past and ought to again. I would wager the average price will hit $700,000 before ever falling below $600,000 again.