How Albertan’s Make Their Presence Felt

How Albertan’s Make Their Presence Felt

Where Are Buyers Coming From

Kelowna real estate board (OMREB) surveys its members the Realtors of the Okanagan Mainland to find out who is buying real estate here in Kelowna and where they are coming from. The results are as you would probably expect and October was no different.

 

Buyers Moving From:

55% from within the board area. (locals buying and selling from locals)

18.5% from Alberta (down a bit from 21.5% last month. Rogers Pass must have snow)

9.7% from Lower Mainland.

8.8% other areas of BC

 

Digest this for a moment or two. That’s a lot of Alberta buyers moving West across the mountains.1 in 5 home sales are a direct result of an Alberta buyer. I wish we had monthly stats telling us how many locals are selling here and buying in Alberta because I imagine the number would be high and would put things in context. All I have is anecdotal evidence but like most communities in every one of Canada’s provinces, we lose a lot of young people who leave to find meaningful employment in Alberta. We’re lucky in Kelowna though because a lot move this way also. No wonder there are so many daily direct flights to and from our airport to Alberta. Kelowna’s population is expected to continue to rise and in-migration is the reason.

 

Are you thinking of buying a home in Kelowna ask for a comparable anaylsis on the home you are considering, it will help you decide on a price to offer.

If you are thinking of selling your Kelowna home, experience shows it all depends on where you are located . We have been selling Real Estate in Kelowna for over 18 years and offer a FREE No Obligation Market Evaluation.

I am only a text or phone call away,

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 property for sale

NOVEMBER MARKET UPDATE | www.OkanaganBC.com

NOVEMBER MARKET UPDATE | www.OkanaganBC.com

Kelowna real estate market and the sales reports for January 2014 through October 2014 are in, and the data shows that the market is continuing to perform well. Homeowners who want to sell a house in Kelowna will be pleased to see how the market continues to see homes sold, as the reports reflect 4,400 homes sold between January and October this year, compared to 2013’s number of 3,598 during the same period. Let’s take a look at some of the data.

The price brackets for homes for sale in Kelowna, BC stayed steady. Sales of homes under $400,000 dipped only slightly, but homes over $400,000 saw several increases. The sale of homes under $200,000 saw a decrease, but homes priced between $320,000 and $369,000 saw the same numbers as last year of 238. The ability of this lower-priced bracket to hold steady shows good promise for the market overall, and highlights the ability for eager buyers to find a home with a lower budget. Now turning to look at the homes at $36,000 and up, we see the continued pattern of growth. For example, there were 226 homes for $440,000 to $480,000 sold last year, but 2014 saw 266 sold. The trend continues as we look at the other price brackets, such homes at $560,000 to $600,000, which doubled in sales numbers; 2013 brought us 77 homes sold at this range, but 2014 is at 140. The bracket with the best performance, with an increase of over 100 homes is $600,000 to $999,999; 2013 had 233 homes sold for this price range, but 2014 had 350. Homes selling at a million and up have continued to perform well, with 57 sold this year so far. It’s clear that Kelowna’s real estate market is still robust with many homes in demand.

Curious homeowners who need to or want to sell a property will be interested in the average selling price for homes last month. We saw this number dip a little, from 2013’s $481,993 to $494,639. However, the median home price went up from 2013’s $440,000, with an increase of $15,000, ending at $455,000. We’ll see how the market performs for us as we head into the end of 2014.
A total of 328 homes were sold in October 2014 in Kelowna. We saw 276 homes sold during last October, so this increase shows that homes for sale in Kelowna continue to be sought-after. Condos are still hot in the Okanagan Valley, with 908 units sold from January to October, 235 more than last year’s numbers. Townhome sales performance is also worth noting, with 724 sold this year so far, while 2013 had 536 sold. Mobile homes also had a modest increase, with 24 more sold than in 2013.
The growth of the Kelowna real estate market is a great indicator of the overall health of the market in Canada. If you’re looking at homes for sale in Kelowna, BC, you have plenty of options. You’ll find 1,052 residential homes, 873 strata and 310 building lots. Feel confident whether you’re a buyer or a seller, because the market of Kelowna is strong.

 

If you are thinking of buying or selling in November call Andrew Smith for his in-depth insight for your best options in the market.

 

Regards,

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 real estate kelowna bc listings

Kelowna Home Prices Stabilizing While Sales Continue to Soar

Kelowna Home Prices Stabilizing While Sales Continue to Soar

The end of a month is a time to look back and reflect on what’s been happening in a market. Most Realtors spend the other 29 or 30 days fully immersed driving buyers around town, negotiating at kitchen tables and communicating with people through all our various gadgets.  The end of a month is the time to take, pop your head up, take a quick breath and try to look for any trends. Interest rates might rise but they never seem to. CMHC planning on letting lenders take on more of the risk which might slow things down a bit. Oil hovering around in the 80-85 dollars a barrel range ought to worry our Alberta buyers but they just seem to roll with it with a shrug. Kelowna home buyers have also reacted with a collective shrug and continue buying homes with a lot more confidence.

 

Kelowna Home Sales in 2014

In October (2014)  there were 225 residential real estate transactions recorded at an average price of $531,000.  Last October (2013) there were 193 sales at a $538,000 average.  Unit sales were up 16% which is a continuation of the same trend we’ve seen all year but prices appear to have leveled off.  I think both of these numbers are good. People clearly are able to buy a lot of homes in a community where housing prices are significantly higher than the national average (225 is a good month for what is typically a slow month). Remember, the average Canadian house price in August for the country was $398,000 so theoretically we’re each carrying $140,000 more debt than anyone else.

 

Year to date prices are still up over 2013. Last year at this point the average sale price in Kelowna was $490,000 and so far this year it’s jumped to $545,000. The number of homes sold has increased from 2095 last year to 2,472 so far this year.  The news appears to be good for both buyers and sellers.  Yes, prices have increased over last year making it tougher to buy nowadays but price appear to have stabilized. There is still a healthy number of homes on the market (1,385) and this is evident when you drive around town and still see a fair amount of for sale signs.

 

Topic for next time is why November is the best time of the year to list you home for sale.

Let us find you a new home today!

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Have a great weekend

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 Okanagan real estate for sale

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