Kelowna Housing Update…first 6 weeks of 2012

Kelowna Housing Update…first 6 weeks of 2012

Kelowna Housing update. Looking at the Kelowna real estate market after the first 6 weeks paints two very different pictures. Overall, it’s looking a lot like last year. There were 176 residential and 102 condo sales in the first 6 weeks of 2012. The average residential price this year is $445,000 and it was $469,000 for the same period last year. There were five homes selling over $1 million early last year and only 3 so far in 2012. Condo sales are off slightly at $289,000 this year from $294,000 last year.

There is still a lot of inventory waiting to be sold with 1,718 residential homes currently for sale and 1,381 condominiums.

The bad news first….If you look at the high end of our market, there are 528 homes priced over $700,000 and only 12 sales for the first 6 weeks of this year. There were 107 sales in this category for the last half of 2011 making this segment of the market a buyers market and it will likely be that way for some time. There has bo be downward pressure on prices in the more expensive neighbourhood of our city as sellers lose patients with few showings and buyers have little urgency, even once they see the “perfect” house.

Now the good news….It’s a much different story in the more affordable $250,000 to $400,000 range. There have been 85 sales recorded over the first 6 weeks of 2012 (75 solds 2011) and only 385 active listings for sale as of today. In this market buyers really do have to act once they see a home they like because well priced homes are moving relatively quickly.

There is an alarming number of foreclosures on the market. There have been 80 new foreclosures since the beginning of the year bringing the total up to 170. There were 165 foreclosure sales in 2011 which means most of these homes eventually sell. For a point of comparison, there were only 12 foreclosure sales in all of 2006. The current list of foreclosures are located in all corners of Kelowna, in all price ranges, from Big White Ski Resort to lakefront in the mission. Let me know if you want a list of these homes.

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 West Kelowna real estate

Kelowna Housing Update….No Need To Sit Down

Kelowna Housing Update….No Need To Sit Down

Kelowna Today. I always make sure I’m sitting down before analyzing January home stats but this year we’re showing early signs of optimism. There were 455 residential sales during the first quarter of 2011 with an average sale price of $486,000. The fourth quarter recorded 417 sales with an average sale price of $497,000. The first and last three months of the year produce fewer homes sales than the middle six months but we can still draw some early conclusions. Firstly, prices are remaining stubbornly high and Kelowna continues to outpace the rest of Canada in terms of house prices. This is clearly good news for those already living here but those choosing to wait until Okanagan housing prices come crashing down will have to continue their waiting game. These people are used to waiting though…they’ve been doing it, well, forever.

There were only 115 residential sales this January which is a little troubling. Hopefully this isn’t a canary in the coal mine. With over 1,600 families with For Sale signs on their lawns there wasn’t a lot of activity and few showings. The previous January (2011) only produced 111 sales so perhaps the lesson here for a Realtor is to choose January when making vacation plans instead of July.

As for condominiums….1,304 units for sale and 65 sales in January with an average sale price of $311,000. This is up from January 2011 when there were 61 sales at $292,000. There was a time a few years ago when it looked like there would be more condo sales than home sales some months but that won’t happen this year. You can spin these numbers any way you want but buyers can be happy that there’s a lot of choice and sellers can be relieved that once their place does sell it will fetch top dollar.

Have a great week.
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 West Kelowna homes for sale

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