There are currently 98 active foreclosures (as of January 15,2011) amongst the entire listing inventory for the Central Okanagan. There are 3,623 active listings this month (including the 98 foreclosure properties) versus 3,863 listings last month, a 6.62% drop in inventory level.
Active Foreclosure Inventory breakdown:
7 Lots and Acreages (Ranging in value from $95,000 to $995,000)
6 Manufactured Home (Ranging in value from $69,800 to $162,900)
23 Strata Properties (Ranging in value from $139,000 to $2.99 Million)
52 Single Family Residential (Ranging in value from $189,900 to $3.30 Million)
There were a total of 13 foreclosure sales in December 2010. Here's the breakdown: There was one condo sold at $180,500, two townhomes $177,500 and $645,000, one manufactured home at $88,000, one building lot sold for $144,000 and eight residential sales from $285,000 to $390,000.
The overall foreclosure inventory pales in comparison to the total inventory in the Central Okanagan which is a good sign. Buyers ask me all the time if I foresee a huge influx of court ordered sales to the Kelowna real estate market? In my opinion having watched how the local banks and lenders handle the foreclosure process the answer would have to be, no I don't. The reason being is banks and/or lenders reluctantly foreclose on homes until it is absolutely necessary (almost as if they hate to lose money or something). The process is very time consuming and very involved so it truly is a last resort for them to exercise!
I recently attended a court hearing for some buyers that were interested in placing an offer on a Rutland area home. This home had been on the market for an exceptionally long time (nearly a year) before an accepted offer materialized. Once the court date was set and I called the listing agent to verify the date and time of the court hearing I was informed there was likely going to be some competitive offers on the subject property. Sure enough, upon arriving there was three other Realtors ® with offers as well (this does not always happen). At the end of the hearing, my buyer's offer was not enough as there was a substantially higher offer that the judge ultimately accepted. It is worth noting that this scenario is not unusual and as always I like to remind my buyers that "there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices."
Foreclosure homes now in the $400,000 or less range continue to be the most sought after and competed for homes in the courts. I cannot emphasize enough the importance of understanding the foreclosure process and how the BC Court System works prior to placing an offer on one of these properties.
If you would like more information on the how Court Ordered Sales work in Kelowna, West Kelowna and the Central Okanagan please call or text me at (250) 808-7700 or email: jason.neumann@century21.ca
Sincerely,
Ratio of Sales vs. Total Inventory = 5.43%
Condo -- Sales = 44
Condo -- New Listings = 166
Condo -- Current Inventory = 884
Condo -- Sell/Inv. Ratio = 4.98%
Condo -- Days to Sell = 119
Average Price: $237,066
Average Median Price: $217,450
Townhouse -- Sales = 21
Townhouse -- New Listings = 85
Townhouse -- Current Inventory = 440
Townhouse -- Sell/Inv. Ratio = 4.77%
Townhouse -- Days to Sell = 118
Average Price: $313,600
Average Median Price: $303,000
Lots -- Sales = 7
Lots -- New Listings = 47
Lots -- Current Inventory = 578
Lots -- Sell/Inv. Ratio = 1.21%
Lots -- Days to Sell = 126
Average Price: $296,071
Average Median Price: $215,000
Residential -- Sales = 104
Residential -- New Listings = 273
Residential -- Current Inventory = 1,340
Residential -- Sell/Inv. Ratio = 7.76%
Residential -- Days to Sell = 89
Average House Price = $440,123
Median House Price = $407,500
Description Total Listings Taken Inventory
This Month 709 4,413
Last Month 757 4,676
This Month Last Year 652 4,559
Description Total Units Sold Total Sales Volume
This Month 210 $130,028,594
Last Month 280 $93,584,049
This Month Last Year 326 $197,776,997
The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported December 2010 sales activity of all MLS® property types slowed from last month and are down from sales reported at this time last year. Despite a decline in new listings and overall inventory levels buyers are still enjoying a large selection of residential properties.
The listing inventory historically at this time of year sees a sharp decline as Sellers opt to wait for the following Spring to relist their properties. The prevailing mentatilty amongst these types of Sellers is that there are not many Buyers looking at homes during the Winter months. The truth is there are better quality showings in the late Fall and Winter months as Buyers looking at this time of year are quite serious and need to purchase. Those Sellers that choose to stay the course over the Winter are actually quite pleased they decided not to remove their homes from the marketplace!
Active year-to-date listings fell 4.64% compared to 2010 and new listings taken in December were down 14.42% from 2009 (445 compared to 520) - a 37% drop over last month (707). Overall sales declined 34.5% compared to December 2009 (to 169 from 258), and total residential units sold decreased 36.8% (to 146 from 231) - down 21.5% from last month (186).
Year-to-date total sales volume for all property types slightly dipped by only 7.36% at the end of 2010 compared to the same 12-month period in 2009 (to $1.493 billion from $1.562 billion).
Complete OMREB Statistics and Statistical Graph for December 2010
Disclaimer: Monthly sales statistics are based on the sales reported by real estate offices as of the last day of the month. As a result, there may be some lag time in reporting sales and other minor adjustments in the total results are made accordingly.
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
Learn more about my Automatic Email Notification System and start your home search today!
Sincerely,
There are currently 104 active foreclosures (as of November 14,2010) amongst the entire listing inventory for the Central Okanagan. There are 4,307 current active listings reporting at this time including the 104 foreclosure properties.
Foreclosure Inventory breakdown:
8 Lots and Acreages (Ranging in value from $95,000 to $1.75 Million)
3 Manufactured Home (Ranging in value from $69,800 to $125,000)
36 Strata Properties (Ranging in value from $139,000 to $2.99 Million)
57 Single Family Residential (Ranging in value from $189,900 to $3.69 Million)
There were a total of 8 foreclosure sales in October 2010. Of the eight sales three were residential homes that sold between $215,000 and $422,500. There were three condos sold between $152,500 and $248,000, one townhome sold for $179,000 and a mobile home for $178,000 to round out the foreclosure sales for this past October. For more details on these sold properties please Click Here.
There has been a mini spike in the number of foreclosure properties on the market. There were 84 court ordered sales this past August and now there are 104 currently in November. The overall foreclosure inventory pales in comparison to the total inventory in the Central Okanagan which is a good sign. Buyers ask me all the time if I foresee a huge influx of court ordered sales to the Kelowna real estate market? In my opinion having watched how the local banks and lenders handle the process the answer would have to be no I don't. The reason being is banks and/or lenders reluctantly foreclose on homes until it is absolutely necessary (almost as if they hate to lose money or something). The process is very time consuming and very involved so it truly is a last resort for them to exercise!
As always I like to remind my buyers that "there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices." Foreclosure homes now in the $500,000 or less range continue to be the most sought after and competed for homes in the courts. I cannot emphasize enough the importance of understanding the foreclosure process and how the BC Court System works prior to placing an offer on one of these properties.
Click Here for a current list of Central Okanagan foreclosures!
Click Here for a current list of Big White Ski Resort foreclosures!
If you would like more information on the court process in Kelowna, West Kelowna and the Central Okanagan please call or text me at (250) 808-7700 or email: jason.neumann@century21.ca
Sincerely,
Ratio of Sales vs. Total Inventory = 6.31%
Condo -- Sales = 44
Condo -- New Listings = 134
Condo -- Current Inventory = 921
Condo -- Sell/Inv. Ratio = 4.78%
Condo -- Days to Sell = 128
Average Price: $244,118
Average Median Price: $216,250
Townhouse -- Sales = 32
Townhouse -- New Listings = 79
Townhouse -- Current Inventory = 456
Townhouse -- Sell/Inv. Ratio = 7.02%
Townhouse -- Days to Sell = 89
Average Price: $316,619
Average Median Price: $315,000
Lots -- Sales = 10
Lots -- New Listings = 102
Lots -- Current Inventory = 596
Lots -- Sell/Inv. Ratio = 1.68%
Lots -- Days to Sell = 147
Average Price: $345,390
Average Median Price: $212,500
Residential -- Sales = 132
Residential -- New Listings = 293
Residential -- Current Inventory = 1,483
Residential -- Sell/Inv. Ratio = 8.90%
Residential -- Days to Sell = 91
Average House Price = $466,382
Median House Price = $425,000
The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported October 2010 sales activity of all MLS® property types increased from last month but continues to be well down from sales reported this time last year. A sharp decline in new listings continues to bring down overall inventory levels; however, there is still plenty of selection for Buyers.
The listing inventory historically at this time of year sees a sharp decline as Sellers opt to wait for the following Spring to relist their properties. The prevailing mentatilty amongst these types of Sellers is that there are not many Buyers looking at homes during the Winter months. The truth is there are better quality showings in the late Fall and Winter months as Buyers looking at this time of year are quite serious and need to purchase. Those Sellers that choose to stay the course over the Winter are actually quite pleased they decided not to remove their homes from the marketplace!
Active listings fell 3.81% compared to last year at this time, and new listings taken in October were down 14.98% over October 2009 (755 compared to 888) and they also declined 14% from last month (875). While overall sales declined 37.56% compared to last October (to 271 from 434), year to date units sold have only declined 3.45%.
Total residential units sold decreased 39.66% from October 2009 (to 245 from 406) but improved marginally over last month. Year to date total sales volume for all property types is only 0.57% off 2009 year to date sales volume.
Complete OMREB Statistics and Statistical Graph for October 2010
Disclaimer: Monthly sales statistics are based on the sales reported by real estate offices as of the last day of the month. As a result, there may be some lag time in reporting sales and other minor adjustments in the total results are made accordingly.
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
Learn more about my Automatic Email Notification System and start your home search today!
Sincerely,
Inventory levels continue to rise in the Central Okanagan real estate market. The inventory level increases for each month from 2009 to 2010 are as follows:
January 2010 = 15.50% February 2010 = 23.65% March 2010 = 27.29%
April 2010 = 16.68% May 2010 = 9.61%
If new listings coming onto the market continue to increase with slower overall sales, we could see another market correction and some downward pressure on pricing. The simple law of supply and demand could mean that buyers will see their investment dollars stretch a little bit further than they did one year ago. The month of June has seen several properties reduce their list prices to try and attract buyers sitting on the fence. There has also been a recent trend in the last month of higher than normal demand on brand new vacant product. This sudden surge of new product sales can be directly tied to the new 12% HST (Harmonized Sales Tax) that comes into effect on July 1,2010. I recently posted a Youtube video blog with information on how the HST Tax will relate to real estate purchases here in Kelowna BC and the Okanagan region.
Overview of Central Okanagan Stats for May 2010:
Ratio of Sales vs. Total Inventory = 6.80% (7.58% in April)
Condo -- Sales = 67 (56 last month)
Condo -- New Listings = 280 (260 last month)
Condo -- Current Inventory = 1195 (1091 last month)
Condo -- Sell/Inv. Ratio = 5.61% (5.13% last month)
Condo -- Days to Sell = 109 (128 last month)
Townhouse -- Sales = 62 (63 last month)
Townhouse -- New Listings = 150 (129 last month)
Townhouse -- Current Inventory = 504 (449 last month)
Townhouse -- Sell/Inv. Ratio = 12.30% (14.03% last month)
Townhouse -- Days to Sell = 80 (87 last month)
Lots -- Sales = 18 (24 last month)
Lots -- New Listings = 148 (144 last month)
Lots -- Current Inventory = 804 (748 last month)
Lots -- Sell/Inv. Ratio = 2.24% (3.21% last month)
Lots -- Days to Sell = 228 (294 last month)
Residential -- Sales = 187 (172 last month)
Residential -- New Listings = 528 (594 last month)
Residential -- Current Inventory = 1831 (1567 last month)
Residential -- Sell/Inv. Ratio = 10.21% (10.98% last month)
Residential -- Days to Sell = 75 (64 last month)
Average House Price = $509,472.96 ($460,417.18 month)
Median House Price = $460,000 ($425,000 last month)
Disclaimer: Monthly sales statistics are based on the sales reported by real estate offices as of the last day of the month. As a result, there may be some lag time in reporting sales and other minor adjustments in the total results are made accordingly.
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 May 2010
Sincerely,
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Your Kelowna Realtor®, taking the stress out of buying or selling real estate in Kelowna, Westbank, Peachland, West Kelowna, Lake Country,Vernon or Westside communities in the Sunny Central Okanagan.
Having lived in British Columbia my entire life I really feel somewhat spoiled. The abundance of things to do and see in our beautiful province is truly amazing! I grew up for the most part in the Lower Mainland with the bulk of that time in Abbotsford. I was one of the very fortunate kids out there that didn't move a whole lot so I had a great core of friends right through high school. Growing up in an agricultural city was one I am thankful for. I have terrific memories of picking ripe strawberries and raspberries as a young boy. I even sold John Deere tractors for a time and truly loved the experience.
As a family we traveled to the Okanagan yearly and hit every water-slide park that was out there at the time. I distinctly remember looking at the gorgeous landscape in Kelowna as a child and thinking "this would be a cool place to live!" Well, I guess wishes do come true as my family moved here a few years ago and we have loved every minute of it. During the various seasons we like to explore the Okanagan and spend time at the beach, the ski hills, the local shops, pick fresh fruit in the orchards or whatever else seems like fun for that day! Kelowna really is a special place!
As a Realtor ® , my philosophy is to make the buying and selling process of real estate an enjoyable experience for everyone! When my clients are faced with tough decisions and need some guidance or advice I am there every step of the way. The most important thing that I do for my clients is put their needs and wants at the forefront of everything that I do. My core values are: Honesty, Integrity and to be considered Trustworthy. The highest compliment I could ever receive is the referral of a friend or family member. It is about being so much more than talk, it is about being true to your word through action!
I may not be the biggest name in Kelowna Real Estate...
I am simply the best name!
K.L.O. - means "Kelowna Land and Orchard Company", the company owned most of the land in that area for many years.
Kelowna's Fall Wine Festival is ranked amongst the "Top 100 Events in North America" year after year.
Mount Boucherie is one of five extinct volcanoes found in the Okanagan.
Kelowna's five major performance companies produce over 15 plays and musicals each year.
The "Sunny Okanagan" earned its namesake due to the over 2,000 hours of sunshine that recreational enthusiasts enjoy each year.
Dilworth Mountain was named after John Dilworth, an early Kelowna farmer.
Knox Mountain was named after Arthur Booth Knox who arrived in the Okanagan in 1874
The Shell Aero Centre welcomes private aircraft and provides pilot services such as sleeping quarters, cooking facilities and 24 hour Customs.
Canada is continually recognized as one of the most beautiful countries in the world and Kelowna is certainly one of the most desirable cities to reside in. Kelowna, British Columbia is located in the heart of the sunny Okanagan Valley. Kelowna was incorporated in 1905 and means "Grizzly Bear" in the language of the Interior Salish. When the City of Kelowna was first incorporated the entire Okanagan Valley was undergoing major economic changes. Kelowna was moving from a cattle ranching and grain growing region to orcharding. As a result, many extensive irrigation systems were laid out across the benchlands and valley bottoms to support the new agricultural initiatives. Before long, the dry arid Kelowna landscape was being transformed into lush green fruit producing orchards. Today, those same orchards are now being rivaled by large grape growing vineyards to support the famous wines of the region.
Kelowna located in BC's Central Okanagan is Canada's four season playground! Whether you are looking to relocate here for work, retirement or simply to invest in that "home away from home", we have it all. The Okanagan lifestyle offers everything from: wine tasting tours, golf, water sports, downhill and cross country skiing, mountain biking, snowmobiling, fishing, backpacking, camping, fine dining, street cafes, shopping, well I think you get the idea...
With seemingly limitless amenities, it's no wonder Kelowna is often referred to as "Canada's four season playground".
The Okanagan Valley is surrounded by gorgeous mountain ranges and the always inviting waters of the world famous Okanagan Lake. Leisure time is typically spent on one of several championship golf courses, boating, sailing, fishing or any water-sport than one can think of. If water-sports don't intrigue you then perhaps one of our world-renowned wineries, local shops or exceptional fine dining experiences will. Don't forget to make your way to the Downtown Cultural District or stop by the annual Life and Arts Festival. Be sure and check out the Kelowna Farmers and Crafters Market which runs year round in various locations throughout the city. Enchantment and discovery await you at Elysium Gardens and Okanagan Lavender. Perhaps hiking or biking through trails or enjoying a nice walk in a park is what you like to do, we certainly have plenty of that too! Head out for a day trip to the famous Kettle Valley Railway and travel back in time and style. Looking for a little gaming excitement? Then Lake City Casinos is where all the action and fun can be found! Visitors from all over the world rave about the numerous sandy beaches to be found all along the shores of Okanagan Lake. Be prepared though, you just never know when the "Ogopogo" may decide to surface and visit! Having the time of your life and want to stay a little longer? Then check into one of several first class Resort Accommodations in town or its surrounding areas.
Over the Spring and Fall months wineries throughout the Okanagan region host various Wine Festivals. Don't feel like driving from winery to winer? Be sure and book a guided tour with Okanagan Wine Country Tours. During the winter season, Kelowna is a 45 minute drive to Big White Ski Resort, home to some of Canada's best champagne powder skiing, truly a skiers dream come true! Regardless of your favorite past time, the Okanagani Valley and the City of Kelowna offers something for everyone.
Kelowna at a glance:
Okanagan Lake
Helpful Kelowna Area Websites:
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