There were 121 residential real estate transactions made in Kelowna this February at an average sale price of $659,000. Twelve of the sales were over $1 million which represents 10% of all sales last month. Let that last sentence sink in a bit before continuing. The average sale price this year is $566,000 which is off-the-charts above what any banker, civil servant, real estate agent or economist predicted. If you're reading an obscure real estate blog in this dark corner of the internet your opinion on what's happening these days would be as valid as anyone's.
Last year there were 242 residential transactions made at an average sale price of $452,000 for the first two months of the year. This year there have been an identical number of homes sold tear to date through February 28 (242) but the average sale price is up over $100,000.
I've always felt that more expensively priced homes usually sold to out of town buyers and out of town buyers usually arrived once the highways became bearable. And the stats backed that assumption up. It might be time to re-think things. This year seems to be upside down with the rate of affordably priced homes slowing down somewhat while luxury home sales are on the rise. There have been 16 sales over $1 million so far this year compared to 8 this time last year. If this momentum manages to sustain itself the luxury home owner will have his swagger back.
For a Kelowna Luxury Home guide and the top listing picks call Andrew Smith 250-979-8066 or search for Kelowna luxury Homes daily at http://www.okanaganbc.com/neighborhood/lakeshore/.Over 22 years experience helping people achieve their dream of home ownership.
A few Kelowna people weren’t watching hockey or curling this past week and somehow found time to buy some houses here in Kelowna. Not that many mind you, but some. There were 27 Kelowna residential sales last week which is down from the same week last year when there were 35 sales. Although there were fewer transactions, there were some expensive homes selling. The lowest price home was for $299,000 on Glenmore Road and there were two that sold for over a million bringing the weekly average to $665,000 which is way into the stratosphere. There were 8 Kelowna homes selling over $800,000. There have been 12 sales over $1 million so far this year skewing the average sale price skyward to $546,000 for 2014. I promise this number will come back down to earth as the year progresses.
There were 22 apartment condo sales last week which is up from 8 recorded same week last year. Year-to-date Kelowna condo sales are way ahead of last year’s pace. Ninety this year compared to 69 this time last year which is really encouraging because this segment of the market has had a rough ride lately.
There were 126 residential homes listed for sale last bringing the total up to 1,466 homes for sale in Kelowna. Thirty-one apartment condos were listed bringing us up to 646 to choose from. There are only 41 homes in foreclosure right now.
I hope your office was like ours these past few days with lots of people wearing red hockey jerseys cheering for our athletes. I’ve never seen anything like it watching those hockey games in the morning with two great endings. Let’s all cheer on our condo market now.
Go Canada Go!!
View Kelowna homes for sale http://www.okanaganbc.com/listings-search/ or call Andrew Smith directly at 250-979-8066 for my TOP FIVE PICKS. Over 22 years experience helping people achieve their dream of home ownership!
Canadian homes sales fell in January due to the deep freeze. Overall in Canada the number of existing homes selling decreased for the 5th consecutive month in January while prices rose. The Canadian Real Estate Association reported that the number of sales dropped 3.3% in January adjusted on a seasonal basis. Sales activity has fallen 9.1% since the peak in August. CREA blames the weather.
I always cringe when anyone blames the weather for poor real estate numbers but no one can deny that it’s been one long brutal winter for the folks on the other side of the Rockies. When the Toronto condo market has a poor month it drags the overall averages down nationwide. And when prices soar in Vancouver it impacts averages coast to coast. It’s dangerous to shrug these numbers off thinking they have little bearing on what happens here in Kelowna because they do. The bank of Canada certainly watches these numbers closely which means the chances of a rise in interest rates is less likely.
The Weather has been pretty good in Kelowna. And it showed 90 new Kelowna homes listed last week and 37 Kelowna condos listed. There were 13 condo/apartment sales and 33 Kelowna residential home sales. So far this year there have been 178 residential sales compared to 174 this time last year so we appear to be bucking a national trend. Maybe the Polar Vortex they experienced on the other side of the country did have an impact on their numbers so there is likely some pent up demand building.
Nationally, prices in January rose 9.5% over the previous January. The average price in Canada last month was $388,553.
For a FREE consultation call Andrew Smith 250-979-8066 or search for Kelowna real estate listings daily at http://www.okanaganbc.com/listings-search/
Over 22 years experience helping people achieve their dream of home ownership!
No one can argue that Kelowna’s Lower Mission isn’t one of the nicest parts of our city. Anne McClymont Elementary, Dorothea Walker Elementary and OKM are schools that are among the best in Kelowna. There are beaches and dozens of smaller beach accesses along the lakeshore. We might have lost a golf course a while back but the Mission Sports fields with ball diamonds, soccer fields, Olympic sized swimming pool and hockey rinks are as top notch as anywhere else in Canada. What does it cost to live there though and is it worth it?
Prices in Lower Mission (LM), like everywhere else, skyrocketed during the real estate boom then came back down to earth. Looking at the big picture, the 2013 average selling price of a home in LM was $647,000 based on 141 residential sales. Remember that this includes a sizeable amount of lakefront sales so the number might seem higher than what it really is. Ten years ago the average sale price was $345,000 based on 159 sales. Long term LM homeowners have done quite well.
Over the short term though prices peaked in 2008 when the average sale price was $714,000. Things bottomed out in 2011 when the average price was $556,000 but climbed the next two years to $640,000 in 2012 and $647,000 where we were last year. With 74 homes on the market today the market is fairly balanced.
The question home buyers have to ask themselves is how much of a premium to they want to pay to live near the lake. The average sale price last year of a bi-level home in Rutland South was $337,000 and the same house in Lower Mission (non-lakeshore) sold for $434,000. I know there are a lot of other factors involved in buying a home but is it worth a hundred thousand dollars to be able to walk to the Eldorado and Gyro?
Have a great week everyone and thanks for reading.
View Kelowna Lower Mission homes for sale http://www.okanaganbc.com/neighborhood/lower-mission/ or call Andrew Smith directly at 250-979-8066 for my TOP FIVE PICKS. Over 22 years experience helping people achieve their dream of home ownership!
Read more Ups and Downs in the World of Housing articles
- Safe travels January...nice knowing you Feb 6
- Kelowna condo market: rise or fall? Jan 27
- Mid-month housing update Jan 22
- Fearless housing market predictions Jan 6
- Kelowna homes: Rutland or Mission? Dec 9
- November: a pretty good month Dec 2
- Are we affected by the US market? Nov 18
- Kelowna foreclosures Nov 11
- A tale of two cities Nov 4
- Kelowna condo market: buy or sell? Oct 25
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