Okanagan Real Estate Market Update 2018

Okanagan Real Estate Market Update 2018

February Okanagan Real Estate Market Update…Market Firing on all Cylinders

There are only 833 homes listed for sale in Kelowna right now.  Even considering the time of year, this isn’t a lot.  The news gets worse if you’re out there house hunting once you consider that there are only 63 residential homes priced under $500,000 in our market area.    Altogether we sold 3,012 residential homes last year which works out to 251 sales per month so we’re starting the new year in a seller’s Okanagan real estate market.

Average Sale Price in Kelowna $755,000 for January 2018

If the first month is any indication of what’s to come, things will be more active this year compared to last year.  The average sale price for January 2018 was $755,000 compared to $650,000 in January 2017.   January tends to be a low volume month and it isn’t wise to make predictions this early into the year but holy cow a $100,000 increase certainly gets your attention.

Apartment condominiums in Kelowna are starting the year off strong as well.  There have been 93 sales so far this month with only 287 apartment condos for sale.  Again, January is typically a slower month so 93 is a strong number and it’s a little troublesome that there’s such little inventory to show purchasers.  Both numbers will rise as the year progresses but we outpaced January 2017 by a significant margin.

Let me know if you think this year might be the year you consider putting your place on the market.  I can give you a reasonable estimate of your home’s value without letting a tenant know.  As always, thank you for reading.
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 Kelowna BC

The Verve Kelowna For Sale

The Verve Kelowna For Sale

Verve Kelowna Market Update

There are only three units for sale in the Verve right now as of this writing which is a little troubling for any first time buyers looking to get a foot into Kelowna’s housing market.

Units for sale are as follows…

 

#107 539 Yates                 $272,900                              1 bedroom plus den

#209 567 Yates                 $329,000                              2 bedrooms plus den  (Offer Pending)

#405 539 Yates                 $329,900                              2 bedrooms plus den

There were 76 total sales last year in all the Verve buildings with the average sale price of a two bedroom unit being $305,000 while a one bedroom unit sold for $231,000.  The average price climbed throughout the year and my expectation is that it will continue on the same trajectory this year.

The first quarter of last year was the most active of all quarters as we saw

24 condos sold which just can’t happen this year unless inventory levels increase.

The Verve Owners Considering Selling

The number of units for sale will increase because, for no simpler reason, they always have in the past.  There are just too many Verve Kelowna owners to not have condos changing hands.  The fact that there is a wide open window right now is something prudent sellers ought to consider if they are on the fence about selling sometime in the Spring.  With no competition, buyers can’t be as choosy and don’t have as much room to negotiate off the asking price.

BC Tenancy Rules

Tenancy rules have changed in British Columbia affecting all landlords and tenants who are currently in fixed term leases.  Contact me for more details on this and how it changes the way notice is given to legally end a tenancy.

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

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

Cal for more information https://www.okanaganbc.com/ or view here real estate Kelowna BC

#Theverve

#thevervekelowna

#kelownacondos

 

The Vanishing Reasonably Priced Kelowna Homes Sold

The Vanishing Reasonably Priced Kelowna Homes Sold

Over 967 Kelowna Homes Sold

There have been 967 homes sold in Kelowna over the past 90 days leaving us with 929 residential homes for sale. True, it’s a reasonable number but breaking down the 929 number things get a little ominous. Ominous in a predictable way I suppose but a little eye opening when you consider that there are only 92 residential single family detached houses for sale in Kelowna under $500,000.

As the weather gets colder and it gets dark earlier things are supposed to slow down. No one really wants to have their homes on the market this time of year if they can help it for obvious reasons…..everyone’s house just looks nicer during the Spring and Summer and it’s easy finding something to do for an hour when there’s a showing scheduled. It’s easier to take your dog for a walk during a showing in Summer as opposed to when it’s dark and cold. There is a clear window of opportunity right now for any seller considering moving next Spring who can move that date forward to January or February. There is such little inventory meaning there’s a lot less competition which almost always makes it easier to negotiate from a position of strength. No, you won’t get $500,000 for your $450,000 home, but you can certainly reject low offers with confidence and wait for your price.

Average Kelowna Home Sale Price For 2016

There have been 3,045 residential homes sold this year so far at an average sale price of $645,000 compared to 2,393 this time last year at an average sale price of $558,000. The $600,000 and over average sale price of a home looks like it’s here to stay.

With the average home sale price at it’s highest ever and the low number of homes available for sale it is an interesting time to put your home, rental or vacation property on the market. Avoid the competition and instead of waiting for everyone to list their homes in the spring call me today and we can discuss the perfect pan for your property.

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

Cal for more information https://www.okanaganbc.com/ or view here realtor Kelowna bc

Kelowna Real Estate Coupon Oct2016

Kelowna Real Estate Coupon Oct2016

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Now Enjoy a Big Discount By Availing “Sell Your Home Coupon”
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However, these realtor websites may charge you a hefty amount of realtor fees for offering their services list your property through their online platform. But, if you are actively looking for some “home selling coupons” that can save your money and help you to get an ultimate winning deal, then look further as you have landed to the right page!

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There is absolutely no wonder why most of the sellers prefer to use a realtor rather than selling the property on their own. The possible reasons are actually many: selling a house really takes a lot of time, the sellers may lack the knowledge of local neighborhood trends, or even the sellers often don’t possess a great negotiating skill which is a must for selling a house.

So, if you are lacking a sound negotiating skill or if you are struggling finding the potential buyers, then taking expert help from a reliable realtor website will be for you. Needless to mention, the realtors will not only overcome all your headaches, but also they will make the entire process even more seamless and hassle-free. In this context, clip the exclusive “coupon for selling your home” in order to get the best quote for your home. Undoubtedly, receiving this great discount for selling your house will secure you a grand deal with an overall positive experience.

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If cost is a true concern for you, then you should now feel comfortable as you’re lucky enough to enjoy a big discount when you sell your home simply by using the “home selling coupons”.

Now, spare your time, effort, & exertion and get a truly rewarding quote while selling your home simply by applying “home selling coupons” as offered by this reputable online realtor website.

 

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

Cal for more information https://www.okanaganbc.com/ or view here property for sale in Kelowna

Kelowna October Real Estate Market

Kelowna October Real Estate Market

Welcome to Kelowna October Real Estate

There were 437 residential homes listed for sale in September which is a reasonably high number even when compared to the 456 listed for sale December 2015.  Our industry loves consistency.

1021 Homes Available For Sale In Kelowna and Area

As of today, there are 1,021 residential homes on the market.   There are only 114 single family residential homes (excludes duplexes, bare land etc.) priced under $500,000.   There was a time when it seemed we would see 114 for sale signs on a short drive to the grocery store.  114 is a ridiculously low number of affordable single family residential homes for a community like ours that extends from Oyama to Peachland so if you’re a home owner living in a home like this and are thinking of moving sometime next year,  you might want to re-think that and give your Realtor a quick call right now because you’ll have little competition.

164 Condos listed for sale

164 condo apartments listed for sale last month which is a healthy way to kick off the Fall market.  There are a total of 338 condos for sale so they’re turning over at a healthy rate.  In other words, well priced properties are continuing to sell in Kelowna.  Average sale price for condos is $300,000 once the ski hill units are taken out of the mix.  In other words, condos prices aren’t coming back down to 2015  (or 2014) levels anytime soon even with all the new construction going on all over the place.

The Kelowna market has been active is practically all price ranges and we do not see any signs of it slowing down for well priced homes and condominiums. When a home is priced right it is receiving multiple offers , often above the asking price. If the home is priced too high above market value it will receive showings but not an offer. The sweet price is the one that gets the active buyer in the door.

If you are wondering how much your home is worth please call me at 250-979-8066

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

Cal for more information https://www.okanaganbc.com/ or view here West Kelowna real estate

Kelowna Market Tightening As Year Winds Down

Kelowna Market Tightening As Year Winds Down

The Kelowna market continues to tighten in the lower end with only 290 homes priced for sale under $600,000.  And yes, we’re now counting a $600,000 home in the lower end of the housing spectrum.  There have been 532 sales under $600,000 over the past 90 days meaning there are about six or seven weeks of supply available.  Supply of homes will continue to dwindle as the temperatures drop as will the volume of sales.  Regardless, this part of the market needs more for sale signs else prices will continue to rise.

 

Total of 995 Freehold Homes For Sale In Kelowna Market

Overall, there are 995 single family residential freehold homes for sale in Kelowna (didn’t include Fintry or Beaverdel this time) including 365 priced over $1 million (that’s a lot), 126 over $2 million and 58 over $3 million.  There are only eight foreclosures (not a lot).   Same story in the ultra-competitive $300,000 to $500,000 price category there are only 158 homes up for sale right now and we’ve generated 288 sales over the past 90 days.   The take away from this is that if you see a home that you like priced under $600,000 you really ought to put an offer in on it right away because it might not be available tomorrow.

.

 

81 Homes SOLD  Sales in the $1 Million – $2 Million Dollar Price Range

Taking a quick peek at the $1,000,000 to $2,000,000 market there have been 81 sales over the past 90 days (27 per month) with 239 for sale.  With 9 months of supply available this number might appear to look a little on the grim side but this segment has roared back to life after struggling with periods of over 24 months of supply.

 

No predictions yet from me about 2017.  Kelowna continues to be a blue chip housing destination and supply shortages usually precede price increases but there are too many variables just yet to stick my neck out there.

Have a great Fall Season,

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

Cal for more information https://www.okanaganbc.com/ or view here West Kelowna homes for sale

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