Here’s a quick mid-month housing update for you complete with survey results at no extra charge.
It’s early in the year so why not start out with a huge number that I promise isn’t a typo. The average asking price for a residential home in our area (Oyama to Peachland) is $908,000. Please don’t pass along that number to friends or family thinking of moving to the Okanagan because they just won’t come. It is important to remember that the average sale price of a home here is still under $500,000 ($471,000 so far this year) and you can still get a nice home in the low $300’s near good schools….you’ll just have to drive to the lake instead of walk. Oddly, the average asking price for all homes listed so far this year (199 of them) is under $700,000. There continues to be a huge disconnect between average asking price and selling price overall in our market but it’s been that way for so long now I think it’s just considered the norm. There’s still significantly way more homes for sale over $800,000 (367) than under $400,000 (244). Both numbers will increase as the temperature rises, but so will sales.
According to our real estate board’s December survey of realtors, 25% of buyers were move-up buyers for Kelowna homes - about the same as previous month.
- 20% were first time buyers…up from 18% previous month.
- 12% moved from single family homes to strata and 5% moved from strata to single family homes. Pretty normal stuff.
- 66% of buyers moved from within our board area last month compared to 56% in November. This would be someone from Lakeview Heights buying a home in Glenmore.
- 14% of our buyers were from Alberta. Down from 17% in November. Likely weather related. This number will increase during the Spring and Summer.
- 6.6% bought from the lower mainland and Vancouver Island compared to 9.2% in November. Same reason as above.
We hope your new year is off to a fast start and look forward to seeing you out and about this year.
For a FREE, No Obligation Consultation on “How To Buy Your First Home” view http://www.OkanaganBC.com or call Andrew Smith directly at 250-979-8066. Over 22 years experience helping people achieve their dream of home ownership!