November: a pretty good month
If you spend a lot of time with Kelowna real estate agents like I do you’ll soon get a pretty good idea of what’s happening in the housing market. But, if you really want to find out what’s happening in the market, ask any receptionist about telephone call volume on any given Saturday in any given real estate office. I’ve walked into my office on a Saturday morning to find our receptionist doing the work of three by juggling calls, drop-ins and frantic Realtors. Other Saturdays they’re wondering why the office is even open.
These days we have all sorts of data at our fingertips with every bank predicting what’s going to happen with the market, CMHC sends out regular updates with their predictions and the British Columbia Real Estate Association even has a full time economist on staff churning out his own analysis. Here in Kelowna I’d like to see a stat that measures the number of Alberta license plates parked in local real estate offices Saturday mornings. I wager it would be a pretty good barometer of things to come.
Our Real Estate board publishes a survey each month and it’s no surprise that the number of Kelowna buyers from Alberta dropped from 22% to 14% September to October. Same for Lower mainland/Vancouver Island which dropped to 8% from 12% the previous month. Out of town home buyers still play a significant role in our housing market, even during the Winter months, but it’s locals buying from locals that will make up the bulk of housing sales for the next few months. Okanagan residents buying from other Okanagan residents jumped from 47% to 59% last month. As long as people are squeamish about winter driving over the Coquihalla and Rogers Pass I can’t see this changing anytime soon.
November has been a pretty good month. As of this writing there have been 170 Kelowna residential sales selling for an average of $486,000. We’ll probably hit 180 by the time you’re reading this. This compares favourably to the 154 sales recorded November of last year at $483,000. Just another normal month here with a bit of an increase in unit sales and prices remaining static. Yawn, stretch, yawn. Same goes for Kelowna apartment condos. 49 Sales this month…up from 44 previous November.
Expect the number of houses available to drop sharply. At the end of last November and the first few days of December there were 387 properties (houses, lots, strata…everything) that came off the market and only 118 were re-listed for sale in early December. Smart home sellers know this happens every year so if you’re considering selling next Spring when everyone else does, you might want to at least pause and consider selling in December despite the added aggravation.
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Read more Ups and Downs in the World of Housing articles
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- First quarter housing results Apr 7
- Condos & homes - rent or own? Mar 31
- Foreclosure courtroom: what happens? Mar 17
- West Kelowna Real Estate rocks! Mar 10
- Luxury home seller has swagger back Mar 3
- Go Canada Go! Feb 24
- Kelowna homes sales bucking trend Feb 17
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