About Central Okanagan, 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

I love being a Realtor. A Real Estate Professional. A Real Estate Investor. The mobility, the people, the trust. I love it all. Self motivated, driven to become the best I can be. The privilege of helping others. The gratitude for a new day. Waking refreshed not knowing what mysteries are unfolding, the expectation of challenges. The person I am becoming, through the education and wisdom received from the daily lessons.

Last week, I packed up a few treasured belongings and steered West - to new horizons - the making of a new life in Kelowna. Tall prairie grass bade me farewell as the odometer clicked off the first 900 miles. Balmy breezes in Calgary, a quick meeting, hugs and handshakes with fellow Realtors- then into the mountains. Canmore, Banff, beauty, serenity, James Ray preaching over the speakers. Abundance. To be free and alive - a 70's tune almost made it to the forefront of my mind. Janis, and Bobby McGee, truck drivers and windshield wipers. High Expectations.

Then Rogers Pass and the introduction of a red warning light TRANSMISSION REQUIRES URGENT CARE dashed my feelings of goodwill and harmony. You know that sinking feeling of being on a roller coaster which has just hit the bottom, the rail curves and your car begins the slow descent to the top, and you are not really sure if it is going to make it, or why you are on the ride in the first place? Self doubt. Recriminations. High spirits replaced by negative emotions easily slipping into agonizing words of self pity, remorse. Easily ruining the trip, great big, huge grey boulders on the path.

Or not. Remember those Choose your Own Adenture Books? The choice is always ours, and as a Realtor I have grown into a person I like. One who chose not to let an AWOL transmission mar my journey, my adventure, my day. Overcoming obstacles. That is what I have learnt as a Real Estate Professional. Basement leaking? No funds on Possession date? Hidden Knob and Tube wiring? We shall overcome. Patience, perserverance, intelligence, and a calm optimistic attitude welcomed me to Life in the Slow Lane as I flashed my way towards Ravelstone, and safely shifted into park.

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

Here is our first overview of the real estate sales activity in Central Okanagan real estate. Each week we will provide a look at the last week of real estate activity This report covers properties where the status move from for sale to sold October 18 to October 25, 2009.

For more details on the homes, lots, acreages, apartments and townhomes that sold please visit our Okanagan Market Stats web page for free downloadable pdf reports.

Lots and Acreages for sale:

Only two lots for sale moved to sold status. The median or middle of the sales price was $195,500 on a median list price of $209,950. The sold prices ranged from $146,000 to $245,000. These lots were on the market actively listed for 253 and 26 days respectively. On Average the sellers accepted 94.1% of asking price for the lots sold.

No acreages were sold in Central Okanagan real estate last week.

Manufactured Homes for sale:

Five manufactured (mobile) homes sold during the week in the Central Okanagan. The median sale price of mobiles was $124,000 on median list price of $144,000. Sellers accepted an average of 91.3% of asking price after an average current list period of 135 days.

Single Family Residential Homes for sale:

In the past week, 36 homes for sale in Kelowna BC and the surrounding Central Okanagan communities moved to sold status.

These homes were on the market an average of 100 days and sold for median sales price of $434,500 on a median list price of $469,700. Listing prices for the homes that sold ranged from $229,000 to $1,899,000 and the corresponding sale prices ranged from $217,500 to $1,672,000.

One seller realized 100.4% of their list price in the single family home for sale market. On average sellers accepted 95.2% of the current listed price with the lowest accepted price reflecting 88.% . Three of the properties sold for less than $300,000. In the Over $500,000. segment of the Central Okanagan real estate market - 12 properties sold. Two homes sold for more than $1,000,000, with one of these over $1,500,000 It was located in Lakeview Heights.

Strata properties for sale:

In the sector of Kelowna BC and Central Okanagan real estate that includes apartments, condos, and attached, semi detached and detached townhomes, 22 properties moved from for sale to sold status during this week. These properties had current listings that averaged 126 days in length. The middle or median list price was $284,450 and the median sale price was $279,450. Days on the market ranged from 13 to 461.

On average - sellers accepted 97% of the current list price for strata homes. Six of the properties sold for 100% or more of the list price The amounts accepted ranged from 90% to 108.7% of the last listed price. List prices ranged from $124,900 to $699,900 with sales of from $118,000 to $725,000. (and yes that is more than the list price for this Dilworth property built in 2007.)

For more details on the homes, lots, acreages, apartments and townhomes that sold please visit our Okanagan Market Stats web page to download free reports with the listing details.

See you online,

Brell ~ Brenda Ellis REALTOR with TheOkanaganRealEstateHub.com @ Century 21 Executives Realty Ltd

(250)550-2161 Direct Dial

(250)549-2103 Office Reception

1-877-227-4073 Toll Free

(250)308-4310 SMS

Century 21 Executives Realty Ltd.

2907 - 32nd St.

Vernon, BC V1T 5M2

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

Follow me on Twitter
My Facebook Page
Network on Friendfeed