Hats off and loud applause for all the people who have braved the cold, wind and snow to attend our Kelowna open houses this January. We’ve certainly gotten our share of Winter this month and I just love it when people brave the elements and show up to see a house freezing cold with a cut out newspaper ad in their hand.
With two full days to go our Kelowna market has generated 103 residential sales this month. What’s noteworthy is that 26 (a whopping 25%) of those sales have been under $335,000 and only 7 have been over $600,000. This might be the year of affordability instead of luxury with so few high end homes selling early but I suspect this will change once out of town buyers reappear during the Spring and Summer.
The previous January (2011) produced 111 sales so this year is starting off similar to last year.
There are 1556 residential homes for sale in Kelowna. 312 of these are priced over $1 million and 311 are priced under $395,000. If you’re Kelowna home seller with a home priced at $350,000 you’re likely getting a steady supply of showings. If you’re priced at $1.5 million you’re likely wondering what’s happened to your real estate agent.
The past three years (2009,’10, ’11) generated 215 foreclosure sales in Kelowna. The three years before that (2006-’08) generated only 32. There are still 66 foreclosures on the market (email me if you want the list) so this year’s number will be high also.
See you out there. No open house next week because of Super Bowl….prediction: Giants by 7.