July 2019 Housing Sales Average $747,000

July 2019 Housing Sales Average $747,000

July Typically Busy With Home Buyers

July is typically one of the busiest months in terms of high end homes selling which tends to skew the numbers upward but it’s clear there won’t be too much volatility either way in terms of prices through the end of the year.

There were 254 residential sales in Kelowna at an average sale price of $767,000 in July of this year. July of last year saw us record 221 sales at an average price of $876,000. In sum, unit sales up, prices down for the month.

Year to date we have sold 1,356 residentials at an average price of $732,000 compared to 1,511 sales at this point last year at an average price of $780,000.

Prices are up compared to June 2019 when the average sale price was $727,000 based on 244 sales.  Prices are still high compared to historical levels but we’re a long way off from the $780,000 recorded July 2018.

Momentum in Building

At first glance it appears that unit sales are going to be down year to year here in Kelowna with the numbers showing a 10% drop compared to last year. We can still catch up though and momentum is building. We gained 33 unit sales last month and with five months to go we have a reasonable chance to catch up.

There isn’t much to report on condo apartments. 134 sales last month compared to 130 July 2018. The average sale price is up from $342,000 to $363,000. Although the condo market is reshaping the city’s urban landscape with new luxury towers all over downtown, those numbers aren’t included as most aren’t on MLS. In other words, the numbers would likely be considerably higher if we had access to new construction data.

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 July Home Market sales

Average Kelowna Home Sale $736,000

Average Kelowna Home Sale $736,000

Kelowna Homes Sales Update July 2019

The Kelowna residential real estate market continues to chug along and no better time than the middle of summer for a quick housing market update.  The 2nd quarter of this year saw us record 729 residential sales at an average sale price of $736,000. Both of these numbers are down from Q2 2018 when we registered 770 sales at $776,000.  Both numbers are down 5% quarter to quarter.

 

Is this the continuation of a trend or an anomaly?  What will happen to prices next year? If prices are soft, why do I see so much new construction all over town?  This is the NDPs fault, right?

 

Tough questions.  You’re welcome to chime in but my answers would be that it’s a short term (okay, medium term) trend which will reverse itself. Prices should stabilize….will never get below $700,000.  Developers understand demographics better than most and know full well Kelowna’s population will continue to grow over the next ten years.  As for our provincial government it’s too easy to blame them but at the same time they don’t seem to be helping things.  Tougher tenancy rules for landlords make buying an investment property less palatable and despite most people not being subject to the empty home tax, everyone is angry about it.  I’ll reserve judgement on the current government until the pendulum swings back the other way when we find out if this tax is eliminated or just tweaked a little.

Condo Prices Are Up Over Last Year

Let’s end on a positive note.  Stop what you’re doing and go out and make an offer on a condo.  Any condo.  Condo prices are up.  Average sale price for apartment condos 2nd quarter 2019 was $372,000 compared to $354,000 last year. This is way up from the average of $255,000 in 2014.  The smartest people in the world are those who bought a condo when their kid entered first year at UBCO or the O.C. and sold this year.

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 Home Market sales

Kelowna Housing Market Update Week Ending February 16 2019

Kelowna Housing Market Update Week Ending February 16 2019

February 2019 Housing Update

There were 39 residential housing sales last week in Kelowna with an average sale price of $690,000. Sold prices ranged from a high of 1.8 million to a low of 362,000 with average market time being 66 days. The most active neighborhood last week was Kelowna South with 5 sales. There were 83 homes listed for sale last week bringing the total up to 1,098 active listings.

There are 513 apartments for sale right now in Kelowna including the 43 that were listed for sale last week. There were 22 apartment sales last week at an average sale price of $332,000. The addition of micro-suites selling under $200,000 could have an effect on our average sale price numbers as more and more are listed and sold through MLS. The most active neighborhood last week was Lower Mission with 6 apartment sales. The only thing newsworthy last week is the return of reasonably normal numbers. We’re not seeing anything outrageous on the high or low ends of the market and a lot of buyers are finally seeing eye to eye on prices again after what seemed like a long period with a chasm between the two.

2019 Compared to 2018 Sales

Sellers believed the market would continue to increase while a lot of buyers saw little urgency in making a quick offer near asking price hoping for a correction. When both sides become more realistic home sale numbers increase. Regardless, it’s good to see some momentum in the market. We are still playing catch up when you compare our market to last year. There were 250 sales at this point compared to 170 now but there was a noticeable rush this time last year with buyers making purchases hoping to meet the deadline of tougher mortgage requirements. Thank you for reading and thank you for your continued support.

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 Home sales

Top 2019 Paint Color Trends for Homes

Top 2019 Paint Color Trends for Homes

Nature Inspired Paint Colors Dominate Interior Décor in 2019

Homeowners throughout Canada are delighted to learn that nature-inspired hues dominate interior décor plans for 2019.

Canadians are blessed with—and inspired by—nature. Spanning from the Atlantic to Pacific coasts, our country is rich with clear lakes and rivers, rugged snow-tipped mountains, and rolling, fertile farmlands. Whether we realize it or not, we reflect this national pride in the color choices we make for our homes.

We’ve changed over from 2018 into 2019 in color, just like we flipped the pages of last year’s calendar. This year there’s no purple in sight, and you’ll find plenty of natural beauty in paint options this year.

Pantone “Living Coral”

This year, the Pantone Color Institute has dubbed “Living Coral, Pantone 16-1546” the Colour of the Year. This bright, cheery orange is softened with a warm, rich undertone that prevents it from being overwhelming in even a small space.

It is inspired, as the name implies, by sea coral.

While it certainly adds a certain energetic vibe to any room, some people may find it overpowering. It seems that people either love it or hate it, and there’s very little response in between!

So, you want to be on trend but your uncertain of living with an entire room of “Living Coral?” While it looks great in design magazines and on Pinterest, you might be apprehensive about making the commitment to this colour.

Here are 5 tips to help you use Living Coral in your home.

Slipcover a chair in Living Coral

Think you’ll grow weary of that orange shade quickly? Slipcover a chair or sofa with Living Coral. Like last year’s “Ultraviolet,” this color will be out of style by next Christmas. Slipcovering will allow you to follow the trend with minimal investment.

Paint an accent table

Another low-commitment means of hopping on the Living Coral train is to paint a small accent table in this coral shade. Pick up an inexpensive table and a second-hand store and refinish it. It will add a fun splash of colour that doubles as a focal point of the space.

Neutral walls? Purchase coral accessories

If you have neutral walls, you have the opportunity to accessorize with coral. Add coral apothecary jars, vases, or textiles to any room to add Living Coral instantly. Then, when the trend ends, replace them with your new favorite.

Coral print wallpaper

Break up the monotone look of a solid wall of coral by finding a fun, vibrant wallpaper that includes coral as one of the inspirations in the print.

A fun wallpaper print allows you to tie into the other shades as the primary focus but gives you that splash of coral that keeps you in style.

Create a feature wall

You see focal walls in Living Coral in all the magazines right now. Paint one wall in this colour to create a feature wall that lends an air of excitement to your room. Keep the remaining walls complementary in nature for a cohesive look. It pops against white, gray, khaki, or blue.

Other Nature-Inspired Choices

While coral is the “Colour of the Year,” don’t feel restricted. If you’re still not on board with coral, here are some other options for you.

Sherwin Williams “Cavern Clay”

Do you love the idea of orange, but find coral just a bit too bright? Check out Sherwin-Williams 2019 Colour of the Year, “Cavern Clay.”

It’s a color inspired by the caverns and buttes of sun-baked clay. It’s orange with a rust tone that makes it richer than coral but not yet brown or red. It serves almost as a neutral but is warm in essence.

This is a bold shade or orange that inspires creativity yet adds an almost regal presence to the space.

Pair “Cavern Clay” with black, white, gray, or navy when you want it to “pop,” or create a monochromatic scheme throughout the entire room.

Behr’s “Blueprint”

Behr chose “Blueprint” as their 2019 Choice of the year. This mid-tone blue with a touch of gray reminds you of a deep blue lake in the summertime.

It’s a perfect medium shade that’s a timeless classic. It pairs with earth tones, jewel tones, or pastels and actually serves as a neutral. Consider it the neutral that’s not boring.

Kelowna homeowners can confidently choose “Blueprint” to represent lakeside living at its very finest.

 

Benjamin Moore “Metropolitan”

Benjamin Moore’s pick for the 2019 Pick of the Year is “Metropolitan.” This neutral is the soft shade of a pebble that’s been washed by a river for decades.

This is a gray that’s easy to use anywhere. It’s kept from being drab by the brightening effect of a white undertone. You can choose this sophisticated colour to balance out bold accessories (think Living Coral or Cavern Clay). It’s also a gorgeous counterpoint that will hold its own when paired with Behr’s “Blueprint.”

The Takeaway

When trends are inspired by nature, you really can’t go wrong. The nature-inspired selections of 2019 are each strong enough to stand independently. Or, each one really can serve as a counterpoint to highlight the other. Isn’t it funny how nature always has a way of working things out?

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

Should I list my Kelowna home in 2019?

Should I list my Kelowna home in 2019?

 Is it wise to buy or sell a Kelowna home this year?

Timeless questions most of us have face head on.   It’s important to know that selling a home in Kelowna is relatively easy.  We’re not a one industry resource town with an imminent mill closure and almost every property can sell if priced reasonably.  True, high end lakeshore homes and swanky high-rise condos are more dependent on outside money but let’s not worry about those guys here. They are usually better able to face market slowdowns than the rest of us.

Time to Sell?

Should I sell this year?   Sure, our housing market fluctuates depending on the economy of Alberta, the ability of Chinese investors being able to take hard currency out of the country, the Vancouver housing market, federal and provincial regulations and interest rates.  External factors are the same for everyone but generally a well priced home will sell in a timely fashion anywhere, anytime.  The ’should I sell now’ decision ultimately depends on personal circumstances.  If you have a higher paying job offer out of town, then yes.  If your kids have grown up and moved out, then yes.  These sorts of factors are considerably more important than trying to pinpoint than predicting what will happen with prices over the short term and this is the way it should be.

Time to Buy?

Should I buy a home this year? The average sale price five years ago in Kelowna, 2013, was $491,000 meaning owning a home was a wise choice.  It’s over $700,000 now.  Prices are determined by supply and demand and population numbers are expected to increase meaning in the long term prices have to go up.  Will prices continue rising indefinitely?  They always have.  Will there be bumps along the way?  Yes, prices fluctuate over the short term but if you’re investing in Kelowna over the long term this question is easy to answer.  Taxes, home ownership costs and all the aggravation that comes with owning a home need to be factored into the equation but if you’re planning on living here full time then 2019 is as good a time as any to buy a home.

Thank you for reading and Happy New Year!

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

 

2019 Real Estate Market Predictions

2019 Real Estate Market Predictions

We recorded 107 residential sales in December 2018 and 46 apartment sales.  These numbers are down significantly from December 2017 when we recorded 73 apartment sales and 185 residential sales.  This is similar to the annual numbers where residential sales dropped to 2,367 in 2018 from 3,012 the previous year.  There’s no need to sugarcoat things, last year was grim on the unit sales front.

Prices went up though

The 2018 average residential sale price was 762,000 compared to $716,000 in 2017.  Apartments went up from 332,000 to $347,000 year to year.

There were only 20 residential foreclosures brought to market last year and only 6 on the market today.  There were 224 foreclosures brought to market in 2012, 177 in 2013 and 140 in 2014.  This segment of the marketplace has mercifully all but disappeared for various reasons.

So, if you predicted 2018 was going to be a good year, you get partial marks.  Prices did increase, and most homeowners have equity built up.  The doom and bloomers can take a partial victory lap also with the significant drop in unit sales.  It’s become harder and takes longer to sell a home in Kelowna in terms of most things measurable.  On top of everything, during these times buyers, especially out of town buyers, mistakenly believe sellers will drop from their asking prices more than the customary 2%.

2019 Predictions

I think we will continue to close the gap between the number of strata sales compared to residential.  Last year there were 2,267 residential sales compared to 2,004 strata units sold.  Numbers from new construction aren’t counted here so the real number is closer than what our MLS reports.  The high price of land is forcing most first-time buyers into condominiums and out of town buyers will always want to own a piece of the Okanagan.

Unit sales will increase this year.  They always do.  Last year’s numbers were just too low for a community our size.  Babies are still being born, people are still taking higher jobs in other communities, couples are still marrying and divorcing, and kids are growing up and moving out.  We’re still a blue-chip housing destination and this will never change.

Thank you for reading and Happy New Year.

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