This Isn’t Your Father’s Kelowna Real Estate Market.!

This Isn’t Your Father’s Kelowna Real Estate Market.!

Kelowna Real Estate Market in August is looking like it is going to be the best August in a long time.. When Jo-Ann and I moved to Kelowna 15 years we were told over and over again that the weather dictates the real estate market here. Then July 2010 happened with only 126 residential sales with the previous December generating 131 sales. Huh? Must double check those numbers because Summer 2010 was a typical hot Okanagan summer with Alberta license plates everywhere. Smart readers will recall that the HST was implemented during the Summer of 2010 but nevertheless, since then, our market has turned into a year ’round real estate market and we’re unlikely to go back. Sure, there are peaks and valleys but things don’t stop here like they used to once we put our snow tires on.

So far this month there have been 144 residential sales at an average sale price of $574,000. This is on pace to obliterate August 2011 when there were 158 sales at $540,000 and we’ve already surpassed August 2010 when there were 138 sales at $535,000. Don’t get too hung up on the dollar amounts because the average sale price so far this year is still less that $500,000 ($497,000)…..we’re just having a good month. The number to look at is the unit sales and we’re on pace to having the busiest August since 2007 when there were 322 sales that month ($552,000 average).

We’re also have a good month on the condominium side. So far, there have been 97sales at $304,000. This compares favorably to the 105 sold in all of August last year at $238,000.

Jo-Ann and I just spent about an hour talking with Joe Ungaro about real estate and I wish we could have been there all day. The issues realtors faced decades ago are strangely similar to today’s and we enjoyed the stories from a life long realtor who’s the son of a lifelong realtor.

It’s been really quiet in the Smith-McLellan household lately with Kierra off to university. We knew the day would come and Jo and I are excited for her, but I didn’t think I would miss all the “girl drama” this fast.

Back to work everyone.
Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
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 housing prices in Kelowna

MONSTER MONTH- KELOWNA REAL ESTATE

MONSTER MONTH- KELOWNA REAL ESTATE

MONSTER MONTH- ¬†Kelowna real estate. July MLS data showed we recorded 233 residential sales for the month compared to only 165 for the same month last year. I’m not sure why either. We can’t credit or blame HST any more and interest rates are similar to last year. When I ask around people say the weather has been a lot better but my experience has been that people don’t buy or not buy a house because it’s partly cloudy with a chance of afternoon showers. Regardless of why, July 2012 was a good month but we still have a lot of work to do.

Digging deeper into the 233 sales number….There are still 2,147 residential homes for sale in Kelowna so this means there is still over 9 months’ supply of homes for sale making this a buyers’ market and I can’t even remember the last time we were in a balanced market. We would need to generate 350 sales a month in order for it to be balanced or see 750 homes come off the market. Nevertheless, everyone can agree that the surge in unit sales last month is reason for optimism.

You might be thinking “so what…what’s my house worth”. Through the first 7 months of this year the average sale price is $489,000 compared to $501,400 for the same period in 2011 and $523,800 for 2011. The rigid laws of supply and demand seem to be playing out here with prices decreasing slightly, we’re seeing more sales activity.

Let’s quickly talk about condos. There are 1,502 strata units for sale right now and there were 131 sales last month make it a buyers market as well. Prices have to come down in this segment of the market but they’re staying high. If you’re a condo owner, there’s less than a 1 in 10 chance your condo will sell next month so consider dropping that price.

Finally, foreclosures. There are 66 residential foreclosures on the market which isn’t that alarming but the number of sales is certainly on the increase, albeit slightly. So far this year there have been 78 foreclosure sales compared to 57 for same 7 months last year. There were only 7 in 2008, 29 in 2009 and 47 in 2010. Everyone wants to see that momentum halted but it appears that the pre 2005 days where a foreclosure was a rarity are long gone.

I hope you’re enjoying your Summer and drop by and say hi if you’re passing through Kelowna

If you want to see some interesting parts of Kelowna and you are up for an early morning ride Text or call Andy at 250-979-8066

Happy Vacationing,
Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
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 home values

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