Kelowna, BC

There are a total of 63 foreclosures amongst the entire listing inventory. That is an overall change of 4 listings to the overall inventory from October,2009 to November,2009.

Current foreclosures of all Central Okanagan listings represent 1.53% of the total listing inventory!

The breakdown is as follows:

3 Lots and Acreages ($115,000 and $590,000) plus one pending sale

41 Single Family Residential ($250,000 to $2.295 Million) plus one pending sale

17 Strata Properties ($229,900 to $999,000)

There were some dramatic changes to the Central Okanagan foreclosure inventory this past month. There are eleven more residential homes on the market over September, which is a 36.67% increase! Strata based properties saw the reverse with a -29.4% decrease or five less listings. Currently, there are two pending sales on Kelowna foreclosure properties with one being a $270,000 building lot and the other a $1.699,000 residential home.

In terms of October foreclosure sales there were a total of eight for the month. One Glenrosa residential home sold for $302,500 after being on the market for 118 days at $314,000. Five strata sales ranging from $199,900 to $654,000 sold this past month. Two of these resulted in sales for over list price, which essentially means a bidding war or auction environment was created by the courts. Another two of these properties sold for 100% of list price. Of note two of these strata titled properties were located in Big White Ski Resort. Of the remaining properties the highest discount agreed to by the courts was -15.7% off of list price.

The continuing trend of foreclosure properties are selling at or near list price! Bottom line is investors and first time home buyers are starting to battle it out in the courts for these properties and it is causing bidding wars to take place. It is important to understand the foreclosure process and how the court system works for buyers interested in purchasing one of these properties.

If you would like more information on the court process or a detailed list of current foreclosures in Kelowna and/or its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca

Sincerely,

Jason Neumann

When I was 5 years old, my little sister, Maureen, died. After she was gone I was immersed in my own and my parents emotional pain for many months.
One day, shortly after Maureen's passing, I proclaimed to my Mother that I was never ever going to have human babies and instead would give birth to only puppies or kittens. They seemed much hardier to me and I somehow felt we had a choice.

Time moved on and I eventually gave birth to three beautiful sons. They were adorable little guys and with their unique personalities and interests, there was never a waking moment when something memorable wasn't taking place.

As small boys are apt to do, they grew up and moved far away. I missed them terribly as one by one they followed each other to Kelowna, a beautiful city in a stunning British Columbia mountain valley.

In September we flew to Victoria, BC and after spending an idyllic week exploring Vancouver Island, boarded the ferry and drove to the Okanagan Valley to spend a cherished week visiting with my sons David, Iain and Rob and David's girlfriend, Angie.

We had a wonderful time and when it came time to say goodbye, I steeled my heart and held back my tears.
While sharing in giant goodbye hugs, my heart overflowed with pride and love for each one and the very fine young men they had become.
It never ceases to amaze me how very fortunate I am that I was blessed with not just one, but three such caring, wonderful sons. They have all of the qualities I hoped they would have and then some.

Rob, Dave, myself and Iain at a lookout point near Kalamalka Lake.

©2009JoSmith

Current listing inventory as of October 13,2009:

Single Family Dwellings - 1858 properties including 12 pending offers

Strata - Condos - 1107 properties including 7 pending offers

Strata - Townhomes - 463 properties including 4 pending offers

Manufactured Home - 224 including 1 pending offer

Lots/Acreages - 852 properties including 3 pending offers

Total properties for sale - 4,765 (total inventory decrease of 5.79% from last month's report)

The real estate market in the Central Okanagan continues to show signs of growth with the overall absorption rate for all listed properties increasing to 7.59% or a 13 month supply.

The hottest segment of the real estate market in the Central Okanagan continues to be townhomes. There were 28 sales in September of 2008 compared to 62 sales in September of 2009. That accounts for a 121.43% increase in sales year over year and an absorption rate of 12.53% of the overall townhome inventory. Essentially, at that rate of sales there is enough supply for 8 months. Bottom line is if you are considering selling your townhome, this is great time as Buyers have certainly spoken on what they want for housing right now!

Residential homes have also seen some encouraging stats with 207 unit sales for September of 2009 compared to 129 at this time last year. That means a 60.47% increase in sales likely due to low interest rates and lower house prices this year versus last. Another statistic worth mentioning is the absorption rate increase of nearly 3% since August 2009. At this currrent rate of sales vs inventory there is a 7 1/2 month suppply. First time home buyers are certainly enjoying this market!

If you would like more in depth statistics or have any general questions please contact me at (250) 808-7700 or at jason.neumann@century21.ca

Complete OMREB Statistics for September 2009

Sincerely,

Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
KelownaRealEstateNews.com

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Tired of the same old scene on the coffee shop front? Had enough of standing in lines or waiting in drive-thrus just to get your cup of joe? Well then look no further than the Bean Scene in Kelowna's family friendly neighbourhood of Rutland. The Bean Scene is known locally for its great selection of specialty coffees including the ever popular "London Fog". Upon entering the doors to this coffee lovers utopia the beckoning and busyness of life seemingly evaporate after your first sip of heaven. Free wireless Internet, large seating areas and warm modern decor are all part of the overall experience as well. By the way, highly recommend the mocha!

The Bean Scene Coffee Works is located across the street from Rutland Centennial Hall (207 Rutland Road) just before the intersection of Hwy 33 and Rutland Rd. Hope to see you there!

Sincerely,

Jason Neumann

Current listing inventory as of September 23,2009:

Single Family Dwellings - 2015 properties including 9 pending offers

Strata - Condos - 1159 properties including 8 pending offers

Strata - Townhomes - 480 properties including 7 pending offers

Manufactured Home - 228 including 3 pending offers

Lots/Acreages - 883 properties including 3 pending offers

Total properties for sale - 4,765 (total inventory increase of 1.47% from last month)

The hottest segment of the real estate market in the Central Okanagan are townhomes. There were 32 sales in August of 2008 compared to 70 sales in August of 2009. That accounts for a 94% increase in sales year over year and an absorption rate of nearly 14% of the overall townhome inventory! Essentially, at that rate of sales there is enough supply for 6 months. If you are considering selling your townhome, now would be a good time indeed!

There are a total of 56 foreclosures amongst the entire listing inventory. That is an overall change of 11 listings to the total number of foreclosures from August,2009 to September,2009.

Current foreclosures in the Central Okanagan listings represents 1.175% of the total listing inventory!

The breakdown is as follows:

2 Lots and Acreages ($399,000 and $590,000)

32 Single Family Residential ($250,000 to $2.295 Million)

22 Strata Properties ($189,900 to $999,000).

The biggest change to the foreclosure inventory was in strata properties. There were 10 listings last month and now there are 22 listed. That is a significant jump of 120% in a single month! There are currently no pending foreclosure properties being reported.

Total Year To Date Foreclosure Sales are:

1 Lots and Acreages for $264,500

If you would like a detailed list of current foreclosures in Kelowna and its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca

Sincerely,

Jason Neumann