Kelowna Market Update November 2018

Kelowna Market Update November 2018

November 150 Homes Sold

There were 150 residential sales for the month November including 10 homes selling over $1 million and 2 homes selling over $2 million.  The average sale price last month was $674,000 and the average time to sell a home was 66 days.  November numbers are down sharply from November 2017 when we recorded 213 sales at an average price of $700,000.  There are only 1,208 homes for sale right now which is low for a city the size of Kelowna.

Kelowna Condos

There were 71 apartment sales last month at an average sale price of $329,000.    November of 2017 saw our market record 112 condo sales at an average sale price of $334,000.  The trend appears to be continuing with softer Month to month numbers as we approach the end of the year.  The good news is that a healthy number of units, both residential and apartment are selling as smart Sellars are adapting to the new reality of fewer buyers willing to pay full price for homes this time of year. Too early to tell what will happen in the Spring when the supply of homes for sale increases but I imagine 2019 will look a lot like 2018 and not 2016 or 2017.  Stable home prices not jumping all over the place isn’t necessarily a bad thing for a community like ours as we press the pause button and get used to the new reality of fewer buyers from the Lower Mainland and Alberta.

Thanks for reading and please share this with family or friends thinking of buying or selling

Andrew Smith - RealtorLiving 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

For more information https://www.okanaganbc.com/ or view here Kelowna Homes and Condos

 

 

 

KELOWNA REAL ESTATE MARKET 2018 OCTOBER REPORT

KELOWNA REAL ESTATE MARKET 2018 OCTOBER REPORT

Kelowna Listings Are Stable

There were 478 residential listings brought to market in September bringing the total number of homes for sale in Kelowna up to 1,542. On the apartment side of the ledger, there were 174 condos listed upping the total to 917 units on the market now. All of these number fall into the “normal” category.

There were 94 apartment sales in September at an average sale price of $346,000. Comparing these number to last year, we generated 127 sales September 2017 at an average sale price of $323,000. This has been the trend all year and appears to be continuing. Prices are increasing while unit sales are falling. A likely explanation for weaker unit sales figures is that new construction isn’t calculated into our numbers meaning all the new condominiums you see being built when you drive around Kelowna isn’t included in our data. If I had access to new construction sales data I would guess that unit sales are at least on par with 2017 and prices are higher than what we’re reporting.

There were 203 residential home sales last month at an average sale price of $751,000. Same month last year saw 222 sales at an average sale price of $773,000. September of last year was an unusual month where we recorded 33 homes selling over $1 million including one over $7 million. I’m calling this an anomaly.

Overall things are fairly smooth and steady here in Kelowna. We’re in a balanced market and well priced homes are selling in a reasonable amount of time. Please contact me if you have any specific questions on our market. Thank you for reading

Thanks for reading and please share this with family or friends thinking of buying or selling

Andrew Smith - RealtorLiving 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

For more information https://www.okanaganbc.com/ or view here Kelowna Homes and Condos

September Kelowna Real Estate Market Update Andrew Smith

September Kelowna Real Estate Market Update Andrew Smith

September Market Update The End Of Summer in Kelowna

Last month here in Kelowna we experienced a continuation of a trend with the number of unit sales below where they ought to be but the average sale price continues to rise. Kelowna continues to be a preferred destination for those able to retire here or have the ability to create a job for themselves on their laptop.

205 Homes Sold In August

There were 205 residential sales last month at an average sale price of $756,000. One of these numbers is high and the other number is low. I’m sure by know you can figure out which one is which. August is typically one of the strongest months of the year where we average just under 300 sales during the month so 205 is one of the weaker Augusts in a while. We have to go back to 2011 when we recorded only 158 sales for the month August. The reasons for the slowdown in market activity are many and have been documented here before. They include tightening of mortgage requirements as well as uncertainty about speculation tax in our upcoming provincial budget. The forest fires throughout the province haven’t helped things either.

Average Price Range

Prices remain high though. $756,000 is a huge number and is up considerably from the $719,000 we recorded last August and considerably higher than the $681,000 from august 2016. Will this continue? Kelowna always seems to defy gravity in terms of housing prices and with so much wealth around western Canada I can’t imagine prices falling below $700,000 ever again here. As always, thank you for reading and contact me if you have any questions, comments or thoughts on our housing markets.

Thanks for reading and please share this with family or friends thinking of buying or selling

Andrew Smith - RealtorLiving 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

For more information https://www.okanaganbc.com/ or view here  Kelowna Homes and Condos

Taxes, Condos and Stats. Kelowna Housing Update

Taxes, Condos and Stats. Kelowna Housing Update

1017 Kelowna homes For Sale

There are 1,017 single family detached residential homes for sale in Kelowna right not as we charge head first into the Springtime market.  We always wish this number was higher and we especially wish there were more affordably priced homes for sale but we’ll have to work with what we’re given.

662 Sales in 2018

There have been 662 sales so far through this year through April 23rd. . The average sale price so far is $758,000.  During the same period in 2017, there were 749 sales selling for an average of $673,000.  In other words, the number of sales is down significantly and prices are remaining high.  Prices jumped last year during the 2nd quarter into the $700s so the beginning of 2018 is a continuation of that trend.

Property Taxes

These numbers are all manageable and taken from a historical sense, they’re pretty good.  It’s wise to be cautious though because our neighbours to the east are in an unfriendly mood and the next six months might be rocky.  Kelowna has done a good job building an economy centering around Calgarians buying second homes with plans of retiring here, Edmontonians investing in pre-sale condominiums and Fort Mac families raising children here while working in Alberta.  Regardless of your political viewpoints, our neighbours won’t invest here anymore if they feel taken advantage of.  As Canadians we’re a pragmatic group and understand that we need roads, bridges and hospitals etc. and this money needs to come from somewhere.  We all grumble at having to pay taxes to keep each level of government operational but at least we’re all in it together. Each of us has to pay the same amount of property transfer taxes when buying in B.C.   We have yet to see the full effect that inter provincial pipeline disputes and empty home taxes will have on Kelowna real estate numbers but if the last three months are any indication, it might not be pretty.   Out of town home buyers are usually more informed about local taxation issues than the locals because they’re making an investment decision as opposed to a shelter decision.  Out of town investors are a sophisticated lot and are able to deal with certainty.  Right now we’re struggling to give them any.

Kelowna Condos

The story is brighter on the condo/apartment side of the ledger.  There have been 409 condo sales 359,000 so far this year compared to 420 this time last year.  With some unprocessed transactions still sitting on Realtors’ desks, we’re probably slightly ahead of last year’s pace.   Prices have jumped from $341,000 last year to  $359,000 so far this year.  The upbeat condo picture is likely to get even stronger as evidenced by all the construction taking place downtown.  As a result of expensive land costs, we’re now a community that has added second time-move up  buyers to the list of investors, first timers and last timers who purchase condominiums.

Thanks for reading and please share this with family or friends thinking of buying or selling

Andrew Smith - RealtorLiving 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

For more information https://www.okanaganbc.com/ or view here Kelowna Kelowna Condos and Taxes

Okanagan Kelowna Market Update March 2018

Okanagan Kelowna Market Update March 2018

Kelowna Okanagan BC Market Clipping Along

The Kelowna residential real estate market continues to clip along at a reasonable pace.  Through February 28th of this year, there were 315 residential sales compared to 318 for the same period last year.  No surprises there.  Sale prices were significantly higher for the first two months of this year with a $743,000 average compared to $655,000.  Again, no surprises considering this is a continuation of the escalating prices we saw last year beginning in April.  Prices have stabilized and don’t appear to be increasing or decreasing.   The only thing that seems out of sorts is that the numbers for February 2018 are down significantly compared to February 2017.  Last year we recorded 205 sales in February compared to only 156 this year.  Perhaps this will amount to nothing but if you’re looking for something to worry about, this would be it.

Condo Sales

Apartment sales are up compared to this time last year.  200 condo apartment sales this year compared to 144 last year with prices increasing by 7%.  This part of the housing market is strong, robust and healthy and likely will be for some time.  There are currently only 315 apartments on the market (none of these numbers include Big White Ski Resort) putting us into a balanced condo market.  This is even more impressive after you account for the approximately 1,000 new units being built which aren’t included in MLS statistics.

Provincial Budget

There was a lot in BC’s provincial budget affecting real estate and it’s unknown how it will play out in the actual marketplace this year.  I haven’t met anyone in favor of a speculation tax but we will monitor the market closely to see if it has any negative ramification in the months ahead.

Thanks for reading and please share this with family or friends  thinking of buying or selling

Andrew Smith - RealtorLiving 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

For more information https://www.okanaganbc.com/ or view here Okanagan Kelowna March 2018

Housing Shortage in Central Okanagan

Housing Shortage in Central Okanagan

Limited Housing Offered For Sale

Time for a mid-winter Kelowna housing update. There is a serious shortage of housing available in the Central Okanagan with only 701 residential detached single family homes for sale with 284 of these priced over $1 million. There are 175 homes for sale in the $500,000 to $700,000 range which is a reasonable number including 50 of these with basement suites. We’ve been an expensive town for years now and more buyers have accepted the reality that having a mortgage helper is necessary to meet a mortgage payment. The supply of homes will undoubtedly increase as we approach the warmer months and anyone looking to sell this year ought to seriously consider putting their home on the market prior to the inevitable onslaught of new listings we always see beginning in April.

256 Homes Have Sold

As of today there have been 256 residential home sales so far this year. This is pretty good market activity considering we’re only six weeks into the year. The average sale price was $762,000 which unusually high and will likely decrease as the year progresses. Not that I think the market will fall, more reasonably priced homes will sell which will bring the average price down. At this point in the year last year we had generated 220 sales with an average selling price of $667,000. Time will tell if this is the beginning of a trend but I suspect it isn’t considering the new mortgage rules which came into place in January. Regardless, we’ve gotten off to a pretty good start here in Kelowna.

174 Condos Sold

There have been 174 condo apartment sales so far this year at an average price of $330,000. This compares favorably to this time last year when we sold 119 condos at an average sale price of $315,000. The Kelowna condo market shows no signs of letting up anytime soon and continues to play a significant role in our housing market. Twenty years ago the ratio of condominiums sold compared to houses was 39%. Last year condos represented 53% of our marketplace. This trend will continue as evidenced by simply driving around town and looking at all the new condo developments being built.

Thanks for reading and please contact me if you are thinking of buying or selling

Andrew Smith - RealtorLiving 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

For more information https://www.okanaganbc.com/ or view here Okanagan Housing Kelowna BC

Pin It on Pinterest