Here’s a quick snapshot of today’s housing market. Fresh off the presses.
Number of Residential Single family listings 1,878
Number of Condos for sale 1,671
The number of condominiums for sale has NEVER exceeded the number of residential houses but we’re within 200 units right now. Stay tuned.
Residential sales this year 133
Residential sales last year (thru Feb 26) 321
Average sale price this year $430,643
Average sale price last year (thru Feb 26) $500,289
Number of condo sales this year to date 84
Number of condo sales last year to date 242
Average condo sale price last year $289,023
Average condo sale price last year (thru Nov 26) $322,278
There certainly is a disconnect going on between Kelowna home sellers and potential buyers. While there has been equity erosion over the past ten months, many home buyers are of the mindset that Kelowna sellers are prepared to accept any offer presented to them and this just isn’t the case. So, who’s to blame?
In California, during the Fourth quarter of 2008 there were 80,595 foreclosures in the state. We all know the reasons by now which include adjustable rate mortgages, NINJAA (no income, no job, no assets), no documentation loans, interest only loans etc. This has clearly created unimaginable hardship for each family involved, but 18 months into the sub-prime crises and there are only 15 foreclosures here in Kelwona. 15! There are so few, I can just about type all of them out while holding my breath…Camelot, Saucier, Carruthers, Lakeshore, Clement Quail, Westpoint, Fitzpatrick, Spyglass, Warbler, Mission Ridge, Feedham, Woodridge, Vintage Terrace and Roth.
Until our neighbours from Vancouver, Alberta and USA straighten themselves out the Kelowna housing market will be dependent on local buyers which means less activity in the luxury condominium sector and vacation home market. All other residential sectors in all areas of the city have active housing markets and sharply priced homes continue to sell.