End of January Market Update

End of January Market Update

Hats off and loud applause for all the people who have braved the cold, wind and snow to attend our Kelowna open houses this January. We’ve certainly gotten our share of Winter this month and I just love it when people brave the elements and show up to see a house freezing cold with a cut out newspaper ad in their hand.

With two full days to go our Kelowna  market has generated 103 residential sales this month. What’s noteworthy is that 26 (a whopping 25%) of those sales have been under $335,000 and only 7 have been over $600,000. This might be the year of affordability instead of luxury with so few high end homes selling early but I suspect this will change once out of town buyers reappear during the Spring and Summer.

The previous January (2011) produced 111 sales so this year is starting off similar to last year.

There are 1556 residential homes for sale in Kelowna. 312 of these are priced over $1 million and 311 are priced under $395,000. If you’re Kelowna home seller with a home priced at $350,000 you’re likely getting a steady supply of showings. If you’re priced at $1.5 million you’re likely wondering what’s happened to your real estate agent.

The past three years (2009,’10, ’11) generated 215 foreclosure sales in Kelowna. The three years before that (2006-’08) generated only 32. There are still 66 foreclosures on the market (email me if you want the list) so this year’s number will be high also.

See you out there. No open house next week because of Super Bowl….prediction: Giants by 7.

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

Kelowna South (Hospital Area)….coolest place on earth.

Kelowna South (Hospital Area)….coolest place on earth.

Kelowna South Hospital Area

Okay, maybe that’s a little too much hyperbole for anyone’s taste but it’s my favorite part of Kelowna especially during the Summer.

Kelowna South is once again proving to be one of the hottest real estate areas in Kelowna. The fourth quarter in KS generated 29 residential sales with an average sale price of $422,000 (median sale price $375,000). This compares favorably to the same quarter in 2010 when this area generated 25 sales at a $426,000 average (405,000 median). Overall, there were 111 sales in Kelowna South.

There are currently 60 homes on the market including 2 price under $300,000 and 11 priced over $1 million. This is one of the few communities in Kelowna that is in a balanced market (not favouring buyer or seller). There are 80 strata/condominiums for sale with 25 of them priced under $200,000 and 5 over $1 million. There were 25 condo sales last quarter at an average of $279,000. This segment of the market is in much better shape considering there were only 18 recorded solids during Q4 2010. The average sale price was identical at $279,000. So much for “downward pressure on the condo market”. With 114 condo sales in 2011 in KS we are clearly in a buyers market meaning these stubbornly high prices should ease downward. Stay tuned.

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 bc listings

Fourth Quarter Kelowna Condominium Update

Fourth Quarter Kelowna Condominium Update

The condominium market had a strong 4th quarter registering 154 sales of apartment condominiums at an average sale price of $245,000. This is a significant increase from the previous year’s 4th quarter when there were only 114 condo sales at an averages sale price of $241,000. With 850 condo units still on the market we are still in a buyers market and there is still a lot of product available. Regardless, the news is certainly getting better for condo sellers during a quarter that is traditionally the slowest of the year. We are still a long way from where we were in 2007 when we recorded 235 sales during Q4 at $283,000.

 

Buying a Kelowna condo is a lifestyle choice and often considered by first time home buyers wanting to get started with home ownership and with Kelowna’s empty nesters or retirees wanting to enjoy a lifestyle  of living in Kelowna without the responsibility of  looking after the landscaping and upkeep of the out side of the home. Some of the later  condo owner’s also chose this lifestyle of strata ownership so that they could use some of the equity their homes have obtained to use for their own personal use.

 

Kelowna condos can be in large concrete buildings with lakeviews or in 3 story wood  frame buildings that have easier access and easier to meet the neighbors. Often the complexes that a retiree is attracted to has age restrictions of 45+ or 55+ years of age thus allowing the buyer to live in a complex with like minded people

 

Some of the considerations for purchasing a condo is asking about the by laws to see if there is an age restriction or a pet restriction. If you do own a dog or cat this can make a huge part of the decision process in which strata building you will want to look at for a new home.

 

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 property for sale in Kelowna

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