Home Sales November Round Up with Andrew Smith

Home Sales

were above 2012 sales in Kelowna. When you spend time with Kelowna Realtors as I do then you will have a pretty good idea of what’s happening in the market.  But, to find out what is really happening in our real estate market, ask any person working at the front desk of a real estate office  how many calls they receive on a Saturday.  Saturday mornings can be a wave of activity with the  receptionist doing the work of many  by answering  calls, clients walking by and  Realtors trying to book appointments or find other Realtors.  And on another Saturday  we question why we have the office open.

Market

We  a lot of data available to us with the internet and local papers and  banks forecasting  the market. Then there is  CMHC publishing  their predictions regularly and the BC Real Estate Assoc. with an economist full time on staff researching  and making reports.  I would enjoy seeing a stat in Kelowna that counts how many Alberta license plates are sitting  in the Kelowna  real estate offices parking lots on Saturday mornings. I think this could be a good indicator of where our  market is going.

 

The Okanagan

board makes a survey every month and buyers of Kelowna real estate  from our Alberta neighbors went from 22% to 14% Sept to Oct. The Vancouver and the Vancouver Island  buyers dropped to 8% from the month previous which was 12%.  The buyers from outside of the city do continue to  play a big part in our real estate market, even in the colder months, but as usual it becomes a market where the majority of the sales will be made by Kelowna residents buying from locals until February.  Okanagan buyers buying from other Okanagan people increased from 47% last month to 59% this month.  And as long the winter travel over the Rogers Pass and the Coquihalla  makes people uneasy I do not think we will see changes in the near future.

Kelowna sale price

November was a good month for home sales with a total of 184 sales. The average list price was $525,179 and the average sold price was $487,347. This compares positively  to the November 2012 with an  average sale price  of $483,000.  For Kelowna condos there were  56 Sales in November ( including  7 Big White condos) a promising change from November 2012 with a total of 44 condo sales.

 

Every year home sellers take their homes off the market at the beginning of  December to prepare for the holidays, this year 354 homes came off. Interestingly enough there are still buyers looking, and between Christmas and New Years is no exception. It happens to be a time when people are taking vacation weeks can spend that time looking at homes. These buyers are usually quite serious.

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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 realtor Kelowna bc