Market Update–October 2011

Over-all, there has been 171 residential sales this September in the Kelowna Real Estate market with an average residence selling for $537,000. September of 2010 witnessed 139 sales with the common sale amount of $510,000. Glad to see the total number of properties selling going up. The fourth quarter is traditionally the slowest with regard to the actual number of sales and much of houses may come off of the current market in November as well as December but the potential buyers that tend to be in the market during the winter months tend to be the most serious and also bargain less. I’ve always actually maintained that the ideal time of the season to list a house for sale around Kelowna is actually November first after the two hundred or thereabouts homes come off the marketplace.
Highlight on West Kelowna’s Lakeview Heights
As of generally there are 154 non commercial properties for sale, not including lakefront without including houses on native land. There happen to be seventy eight sales thus far in 9 months. This signifies there is approximately a 17 month supply of homes in the marketplace. Bearing in mind that 6 months of supply is considered a balanced marketplace, Lakeview Heights is quite plainly a purchasers’ market. I believe anyone who drives about Lakeview Heights, even when they are not looking for a residence realizes the amount of for sale signs. Every seller should be aware about these numbers.
Sales prices haven’t been slowing down however… (again, non-native/lakefront….very first 9 months of each year)
2001 102 $225,000 (’01 just regarding historical uses)
2005 163 $394,800
2006 133 480,000
2007 122 612,000
2008 79 558,000
2009 80 536,800
2010 83 624,400
2011 78 645,500 (average Asking price with regard to these properties ended up being $678,400)
Lakeview Heights has regained just about all value losses from 2008/9. The construction of the brand new bridge makes life significantly a lot easier for Lakeview Heights citizens and also the vote to create their unique municipality (West Kelowna) certainly has not yet impacted residence values adversely. All the newest commercial shopping locations launching around the Westside have made living in Kelowna’s Westside simpler plus the wwwelopment of the brand-new overpass/movie theatre/shopping shopping center could make the entire Westside more pleasing.
The question is what is going to happen to residence prices along with 154 house owners chasing 9 homebuyers a month. Obviously there ought to be downwards demand upon prices but the area seems to have outperformed some other neighbourhoods in the past and will need to again. I’d personally bet the typical price may strike $700,000 prior to actually falling under $600,000 again. Keep tuned in.
Home foreclosures
There happens to be 52 residential properties in foreclosure right now throughout Kelowna. This still grouped into the “meh, whatever” category. Since there are approximately 2,000 homes for sale it still symbolizes a trivial portion of the marketplace. On the other hand, there have been 74 home foreclosure sales this year compared to sixty three for first three quarters of 2010 and 27 in 2009.
Condo properties
I used to cringe whenever I looked at these types of numbers. These days they’re a lot more encouraging. September 2011 observed a 110 sales at an average price of $277,000. This is nearly the same as August ’11 with 119 sales at $282,000. We’ve come up to now 2009/2010 in which we had consistent unit sales amounts with double digits. September 2010 recorded 78 condo sales at $286,000. There continue to be 1,440 condominiums for sale therefore consumers have a large selection however conversely prices are softening ever so slightly as well as the number of purchases has grown. Never fails.
Unfortunate Mention
I’m unhappy to learn earlier this week that Steve Jobs died. The very first time I spotted an Apple product was in an episode of ER when Anthony Edwards’ character was travelling in some remote Africa village in the back of a travelling pickup truck listening to opera on his iPod. Shortly after, I read in a John Grisham story exactly how one of the characters saved data in their iPod and concealed the wwwice below a floorboard in their apartment. I made the purchase of the original iPods via Costco simply to bring it home and learn I required and was lacking something called a “firewire” slot in my computer. I wasn’t prepared to buy a brand new computer to tune in to music therefore We wound up returning it. Fast forward to this year and I finish the majority of nights reading from an ipad from apple whilst playing music on a teeny little iPod. Every workday starts with cracking open my Macbook computer and I under no circumstances get viruses or come across standard Windows issues any longer. I may now design and style as well as wwwelop a web page with my children or even a family holiday getaway in 10-15 minutes. I did not realise it till after this transpired but sooner or later I must have drank the kool-aid and joined the Apple company cult. Thanks for everything Steve.
Last But Not Least…..Shameless promotion of one of our kids
Enormous shout out of Jo-Ann and I to Kierra Smith who will be off the Guadalajara Mexico in order to participate in the Pan Am Games. She’s a swimmer and leaves Tuesday for two weeks. Her event will be the 100 metre breaststroke and she is going to be seeded 5th or 6th so with some luck she might come home along with a medallion.
. Guadalajara New Pool & Athete Village
Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01
Cal for more information or view here West Kelowna BC real estate

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/okanaganbc/public_html/wp-includes/functions.php on line 4755