Merry Christmas In Kelowna| December Things To Do

Merry Christmas In Kelowna| December Things To Do

Merry Christmas From Our Family To Yours!

Christmas is about bringing family and friends together and we hope you have the time to spend with the ones who are close to you.

We are excited to have our family home this year and realize that as the children get older the less likely it will happen in future years. Kierra is now 20 years old and  in her third year  at University in Minnesota and Emmet graduates high school this year. It is funny how you do not feel old until you look at your children and realize they are now adults. The same goes for our clients that we helped them buy their first home before they had children and are now calling us to sell the family home because their children have grown up and  they parents are now “empty nesters”

If all the predictions are correct including the 7% increase in Kelowna house values as predicted by ReMax Elton Ash  then is will be good for sellers. For those  buyers thinking of making a purchase in 2015 the sooner you react the better before the market does increase 7%.

2015 looks bright and we are in anticipation of a wonderful prosperous year for all of our Kelowna clients. At this website you can check out your house value and what your neighbor’s house sold for without speaking to a Realtor  www.GetHouseValues.ca  This website will give you an idea of how much other homes in your neighborhood have sold for in the past 90 days. To get a closer estimate of  how much your home would sell for in the first 6 months of 2015 call Andrew for a Free Home Evaluation and start making plans for 2015.

From Our Family To Yours please have a safe and Happy Holidays!

 

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 Kelowna property

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!

Please share this article with your friends

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

KELOWNA REAL ESTATE OCTOBER UPDATE

KELOWNA REAL ESTATE OCTOBER UPDATE

Kelowna Home Sales Update

As we put the first  two weeks of October behind us, it’s time to take a look at how the real estate market is performing so far for 2014 in Kelowna. On October 3, Okanagan Life published an article about the positive trends of Lake Okanagan development. Not only is the market of real estate development positive for Kelowna, but looking at the sales reports for January 2014 to September 31, 2014, home sales show marked improvement from 2013. Any individual who wants to sell a house in Kelowna should feel optimistic about their ability to move their property in this fast-paced market.

Based on the report of residential sales from January to September 21, most price brackets for homes for sale in Kelowna, BC showed an increase. The lower priced home sales only showed slight decreases in September 2014, but the higher priced homes of $360,000 or more beat their previous sale numbers of last year. Even the change in the lower price home sales wasn’t dramatic, with 22 Strata homes in the $200,000 and under bracket sold in 2013, and 19 sold in 2014. The $200,000 to $240,000 bracket had a bit of fall, with 29 sold in 2014 compared to 2013’s 50. That said, once we get to the $360,000 listings, what we observe for the Kelowna real estate market is excellent. In 2014, 230 houses were sold at $360,000 to $400,000.  The trend of increased sales continues as you move to new price brackets. Unsurprisingly, the rate of homes sold at 1 million and up increased from 42 in 2013 to 53 in 2014. For nearly all of Toronto, the market is healthy, strong, and most of all, experiencing record demand.

Kelowna Mission Creek Pathe Thanksgiving TreeKelowna Thanksgiving Tree on Mission Creek Greenway

 

For home owners wondering what they may sell a house in Kelowna for, it pays to know the average sale price. September 2014’s average sale price for homes came in at $492,571, up from 2013’s $465,966. The median home price was $448,500, which was a $28,500 increase.

In all, 321 homes were sold in Kelowna in the month of September. Last year the same month saw 298 sales, demonstrating the housing industry in September in Kelowna is still strong. Townhomes especially saw a big increased demand in the area. 657 townhomes hit the market and sold in 2014, up dramatically from 474 sold last year. Condos were also big sellers, with 819 sold between January and September of this year; 2013 had 600 sold. Even mobile homes sales in Kelowna fared well with 31 more sold than last year.

 

Sales growth has been so strong that it may be the beginning of a new housing boom. If you are considering a new home in Kelowna, BC there is plenty of variety available. The housing market in Kelowna, BC features 1123 residential homes, 890 strata and 344 building lots. Sellers and buyers should both feel confident in this market.

Let us find you a new home today!

Please share this article with your friends

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 listings

Kelowna Condo Update|Balanced Markets Are Back

Kelowna Condo Update|Balanced Markets Are Back

Kelowna Condo Update We have been focusing on single family residential a little too much lately so I thought I would shift gears and shine my tiny flashlight on what’s been going on in the Kelowna condominium market.

 

Quick disclaimer. I eliminated units for sale at Big White ski resort.  When looking at Kelowna area condo stats during the Winter things look better than they really are when sales from the hill are included. During other months it drags the numbers down too much so I unchecked that box. If you want Big White info send me a quick note and I’ll let you know what’s going on up there. Also, Leasehold condos eliminated also.  No real reason..just because.

Number of Kelowna Condos listed for sale monthly

Inventory of Kelowna Condos available for sale

 

There are 449 condo apartments for sale in the Kelowna area and there have been 726 apartment sales so far in 2014.  There is a 5 ½ month supply of units on the market so this segment of our housing is mercifully in a balanced market again.  That took a long time.  The number that doesn’t seem to alarm anyone but me is the number of vacant units on the market.  114 vacant apartments for sale which represents about 1 in 4.  This is likely because of strata corporations not allowing rentals which makes units tougher to sell and often puts a seller in a tough spot if he needs to rent for a some reason. Provincial legislation ending rental restrictions in strata apartments would go a long way in finding a solution to affordable housing in this city/province but don’t see that happening anytime soon. Or ever.

Number of Kelowna Condos sold per month January - September 2011 -2014

Kelowna Monthly Sales 2011 to 2014

Last year there were 532 apartment sales at this time of the year so the number of unit sales is up considerably year over year.  Sale prices are up slightly from last year $246,000 to $252,000 so nothing to celebrate here really regardless if you’re a buyer or seller. Let’s call it a cost of living increase with no winners or losers.  The number to jump up and down about is the increase in unit sales from 532 to 726 year over year. We all knew this would happen eventually we just never thought it would take this long. On a cautionary note, we will likely slip back in to a buyers market for apartments over the Winter when sales activity always slows down but Spring promises to be crazy.  The old adage of condos being the first to see a drop in prices during bad times and last to rise during good times seems to be ringing true here so it’s likely a smart time to consider investing in a condo again.

Kelowna Townhouse Months of Inventory 2012 -2014

Kelowna Townhouse Months of Inventory 2012 -2014

 

The townhouse market doing even better than the apartment market The average sale price of a townhouse last year at this time was a respectable $319,000 (267 sales).  So far this year it’s $343,000 based on 344 sales  which works out to a  7.5% increase in prices over last year. That’s a 28% increase in the number of townhomes sold and we’re in a balanced market.The townhouse market is balanced also.The good news for this part of our housing market is that we’ve surpassed 2007 levels which many consider the housing boom.  Average prices for townhouses were $323,000 back then so if you bought back then and hung on, you’ve finally caught back up.

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Is a condo or townhouse you next move? I can send you a FREE list of condo or town homes in your price range

Call me today for my TOP 5 CONDO PICKS

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 listings

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