I realize I’m a day early here and we still have 23 hours left to sell houses this month but I wanted to get a head start getting October stats out before everyone else in this industry….to heck with accuracy this month.
October was an odd month. The average price in Kelowna was $510,000 based on 147 sales. There will likely be 10-15 more sales reported tomorrow but the average won’t change much. Last October (2010) there were 15 homes that sold over $1 Million 2 that sold over $5 Million and one over $10 Million so there was no way we were going to break the $631,000 we achieved 12 months ago. There are only 1,466 single family homes for sale right now and this number will decrease and will likely be closer to 1,000 after all the expired listings happen tomorrow and November 30th. There are only 41 single family foreclosures for sale now which is manageable and not a big deal unless you’re one of those 41 homeowners. 150-160 sales for an October with a $500,000 average is terrific for Kelowna considering the Fall market is almost entirely in-town buyers with fewer out-of-towners….or as we Nova Scotians call them…”from-aways”.
On the condo side of things there are 1,475 units for sale which is still way too many. There are 72 condo foreclosures on the market and this number is trending upward. If you’re a condo owner trying to sell right now you’re strategy has to be a) be patient or b) lower your price (again) or c) take the unit off the market and wait this thing out.
When I started this blog it would have been easier to visit the 2 or 3 people who regularly read what I had to say. Now I’ve had about 2000 readers this year so the pressure is a little amped up and I’m remembering to run spellcheck and sometimes have someone proofread for me. Thanks loyal followers.
In this business they say the best way to get busy is to book a holiday because the phone always starts ringing off the hook the day before you’re supposed to leave. Last month Jo-Ann went to her niece’s wedding in Hawaii for a week so I handled her calls then I went for a quick 4 day trip to Guadalajara to watch Kierra swim in the Pan Am Games. It was great working in Mexico with cell phone plans these days. I was able to schedule showings and take phone calls and no one even knew I was out of town. I love the way technology has changed the every day life of a realtor and I sometimes wonder why I even have a physical office.
Click on the Youtube icon on our home page and see one of the ways we present our listings. This has turned out to be a terrific tool after someone has made an offer on a house and wants to tell their zillion friends/neighbours/co-workers/relatives about their new home.
In other news my son Emmet and I entered the 10km event at the Okanagan Marathon last month. My first goal was to beat my 14 year old across the finish line and 2nd goal was to beat my time achieved 5 years ago. I was 0 for 2 in the goal department losing to Emmet by over 4 minutes but I was less than a minute off my 2006 time. I finished in 57:49 and Emmet 54:36.
Have a great November and Happy Halloween.
Living in Kelowna,
Royal LePage Kelowna
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Cal for more information https://www.okanaganbc.com/ or view here Okanagan real estate listings