Royal LePage Kelowna has a 35% market share with over 200 full time real estate agents and the number of buyers moving from Calgary totalled 29 for the entire year. 29 Calgary buyers would have been a slow month in 2007-2008 but Albertans have clearly taken a wait-and-see approach to our market. This is having an impact on prices as homes are now being priced for the local market.

It’s sure good to have everyone back to work in the new year. During the first week back, our market generated 10 residential sales with an average sale price of $425,000. There are 1,800 homes for sale ranging in price $199,000 for a half duplex in Glenrosa (court ordered sale) up to 290 homes for sale with asking prices over $1 million. There are 12 foreclosures on the market right now. As usual, well priced homes are selling especially those in the $350,000 to $450,000 range. Buyers are being more selective and aren’t jumping at the first home they see.

The condominium picture is similar with 7 condos selling during the first week. There are 1,480 condominiums for sale right now including 729 that allow rentals. The statistic that leaps off the page though is the 466 units for sale that are currently vacant. This has turned into a buyer’s market.

Until next time,

Living in Kelowna,
Andrew Smith
Smith McLellan Group
Royal LePage Kelowna
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