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June 2011 One of Kelowna’s Slowest in 20 Years!

admin — Fri, 08 Jul 2011 05:55:31 +0000

Great Deals To Be Made and Bargains To Be Had

Kelowna Market Update

After the first half of the year, it appears the listing inventory of single family dwellings is stable at about 1,500 and the average prices are stable at $450,000. The number of monthly sales are about 25% below the average of the last 20 years.

Buyers in this market expect value and many are taking advantage of some exceptional deals in today’s market. We do have some very affordable buys in both the single family and condo markets.

930 single family homes sold so far this year which is 11% less than last year, year to date. In June 2011, 182 single family dwellings sold, which makes it one of the slowest months in 20 years. Only 10.5% of the single family dewllings listings sold compared to 30% in a strong market for Kelowna. Our average price is at $456,580 and it is holding well. Of the 49 apartments that sold in June, the average price was $289,912. 41 townhomes sold at an average of $348,305 and 17 lots changed hands in June averaging $307,812. There were 3 lots on Hobson Crescent that were not lakefront, were 0.25 acres, listed at $450,000 and had multiple offers. They all sold last month for $20,000 over asking plus HST in only 3 days. There you have it! Great deals are selling, money is available. From a total of 450 listings over $1 million dollars, only 6 properties sold in June.

We receive all kinds of different reports stating that we will have anywhere from a 25% drop in price to all the way up to 15% increase in the year to come. The fact is, these are all opinions and nobody seems to really know. We like the hard facts and prefer to make our own graphs which we always share with you. Looking at the graphs it shows us the trend, and with that information we can form our own opinion. The fact is, the numbers are clear and do not lie. The fact is, since 1950, on average every 11 years, real estate doubled value, and people always said it will not go up any higher.

This is a great time to buy real estate!

Remember, Good Deals Are Not Found, They Are Made.

The greatest compliment we can receive are the referrals from our clients, friends and acquaintances.

Major Cities Report

Victoria: Real Estate Sales Rise in June
A total of 618 homes and other properties sold in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 572 sales in May and very close to the 625 sales in June of last year. The average price for single-family homes sold in Greater Victoria last month was $629,292, up from $628,462 in May. The median price also rose to $569,900 while the six-month average declined slightly to $619,568. There were 23 single family home sales of over $1 million in June.

Vancouver: Summer Housing Market Trends Toward Balance After An Active Spring Season
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8% increase compared to the 2,972 sales in June 2010 and a 3.4% decline compared to the 3,377 sales in May 2011. The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.7 % to $630,921 in June 2011 from $580,237 in June 2010. Since the end of May, the benchmark price of a detached home rose more than $147,000 on the Westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June."

Calgary: Condo And Homes Sales Finding Their Footing
First year-over-year increase in monthly condominium sales since April 2010. The single family market recorded 1,398 sales in the month of June 2011. This is an increase of 32% when compared to June 2010 when 1,059 single family homes sold in the city of Calgary. With a total of 7,231 sales after the first half of the year, year-to-date single family sales are 6% higher than last year. Year-to-date average price of a single family home in Calgary is $472,330. while the median price is $410,000, virtually unchanged over levels recorded in the previous year.

Edmonton: Optimistic About Strength In The Local Housing Market
In the first half of the year the average price of a single family detached home has risen from $357,540 to $379,409 while the all-residential price has risen from $308,497 to $330,297. However compared to the same-month year-over-year, prices have risen consistently between the levels set in the past two years. In the short term, when compared to the previous month, prices in June were generally stable. Single family homes were up 0.31% from $378,239 to $379,409. There were 1,768 residential sales in June. There are currently 8,432 residential properties in the MLS® System inventory and days-on-market is slower at 53 days (up from 50 in May).

Toronto: MLS® Sales And Average Price Up In June
Greater Toronto REALTORS® reported 10,230 home sales through the TorontoMLS® system in June 2011 – up 21% compared to June 2010. This number represented the third best June result on record behind 2007 and 2009. The number of transactions during the first six months of 2011 amounted to 48,189 – down by 4.5% compared to the first half of 2010. The average price for June transactions was $476,371 – a 9.5% increase over June 2010. In the short term, when compared to the previous month, prices in June were generally stable. Single family homes were up 0.31% from $378,239 to $379,409.

Single Family Home Average Price 2007 – 2011

Number of Sold Single Family Dwellings 2007 – 2011

Single Family Listing Inventory 2007 – 2011

Single Family Percentage of Sales to Listing Ratio 2005 – 2011
(Percentage of How Many Listings Sell in a Month)

Featured Property

Gated, Across from Lake, Low Strata

3 Bedrooms | 2 Baths | 1,300 sqft | Built 2000 | $438,000

#9-3753 Lakeshore Road – Across from Rotary Beach, Lower Mission

Location, location, location! Nestled in the secure gated Lakeshore Residences complex across from the Rotary beach and park. It is a bright and well designed open plan rancher boasting vaulted ceilings, 5 appliances, skylights, B/I vacuum, A/C, gas fireplace, double garage plus your own RV stall. Has wheelchair access & storage in the concrete insulated crawl space. Enjoy the manicured park like gardens incl. your own private backyard. The low strata fees are only $36./M.
More pictures and information here.

250-868-8000
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RE/MAX Kelowna
#100 – 1553 Harvey Avenue
Kelowna, BC, V1Y 6G1
Each office Independently Owned and Operated.

Krieg Family Kelowna Real Estate News – April

admin — Fri, 09 Apr 2010 18:27:53 +0000

Sales Across Canada Are Looking Up!

Kelowna: We think that the mortgage market is influencing the buyers. With the recently earlier than expected increase in some mortgage rates and the expected increase in the Bank of Canada rate later this summer, it is likely that some buyers have decided that now is the time either to get into the market or make a move up or down according to their changing needs. Further increases in borrowing costs are likely to be gradual, so while there may be some slowing in market activity later in the year, we anticipate this will have only a modest impact on market conditions.

70% of all homes sold in Kelowna and area are under $500,000 and the average price seems to be stable at $460,417. Under $500,000 18% of the listings are selling. The above $500,000 up to $1 Million dollar range improved and now approximately 5-7% of the listings are selling. Over $1 Million dollars, only 1-2% of the homes are selling. Our inventory increased substantially by 32% over February 2010 to 1,567 single family homes for sale. This represents only 45 below the March 2008 all time high, which explains the low percentage of homes sold to listings. The number of sales came in as expected at 172 homes and is normal for this time of the year. 5% of apartment inventory sold, and 14% of townhomes sold. We have a total of 748 lots for sale with the highest number in Fintry and area and only 3% of all lots sold.

The greatest compliment we can receive are the referrals from our clients, friends, acquaintances and relatives.

Spring is on its way!

Major Cities Report
Victoria: Real estate sales rise in march with the arrival of spring. A total of 789 homes and other properties sold in March through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up 27% from the 621 sales in February. There were 602 sales in March of last year. Prices for single-family homes and condominiums rose moderately while prices for townhomes were mixed.

Vancouver: Home listings rise to start the spring season. The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totaled 7,004 in March 2010. This represents a 60% increase compared to March 2009 when 4,385 new units were listed, and a 52.1% increase compared to February 2010 when 4,606 properties were listed. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3% to $584,435 from $485,845 in March 2009. This price is 2.8% above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411. Sales of detached properties in March 2010 reached 1,336, an increase of 49% from the 897 detached sales recorded in March 2009 and a 19.7% increase from the 1,116 units sold in March 2008.

Calgary: Early rise in mortgage rates to boost housing sales, improved economic conditions, better employment prospects, and an earlier than expected rise in mortgage rates are all contributing to this early boost in sales this year. The average price of a single family home in the city of Calgary in March 2010 was $471,269, showing an increase of 3% from February 2010, when the average price was $458,254, and showing an increase of 12% from March 2009, when the average price was $420,354. March 2010 saw 1,396 single family homes sold in the city of Calgary. This is an increase of 35% from 1,035 sales in February 2010. In March 2009, single family home sales totaled 1,086.

Edmonton: Edmonton buyers and sellers remain optimistic. There is consumer confidence in this market and both buyers and sellers appear eager to enter the housing market. Single family residences in the Edmonton area sold on average for $388,473 in March which is up 4.7% from February and 11% from a year ago. Condominium prices rose by 8.4% month-over-month and 10.5% year-over-year. The average condominium sold for $252,416 in March.

Toronto: Record first quarter sales the average price for March transactions was $434,696. The number of new listings grew by 42% compared to March of 2008. GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.

Single Family Home Average Price 2005 – 2010

Number of Sold Single Family Dwellings 2007 – 2010

Single Family Listing Inventory 2006 – 2010

Single Family Active Listings vs Sales 2007 – 2010

Single Family Percentage of Sales to Listing Ratio 2002 – 2010
(Percentage of How Many Listings Sell in a Month)

Feature Property

2 Bed + Den – Freshly Updated – 2 Parking Stalls

2 Bedrooms + Den | 2 Baths | Built 2006 | 888 sqft | $224,900

#204-555 Yates Road, North Glenmore (The Verve)

Vacant, move in and enjoy this freshly painted, superb 2 bedrooms + den. It boasts stainless steel appliances, maple cabinetry, newer LG washer and dryer, plus it is loaded with upgrades such as tiles in foyer, kitchen and en-suite, upgraded closets, and ensuite with glass accent tiles. Offers 2 underground secure parking stalls (2nd stall is $7,000 value). Please note this building is mostly owner occupied! Relax by the pool on hot summer days, play a game of beach volleyball or invite your friends over for a BBQ at the pit. Children, small pets and rentals are OK. Close to all ammenites including restaurants, pub, shopping, parks, trails, schools and much more
More pictures and information here.

Very Strong Kelowna Real Estate Sales in July!

admin — Wed, 12 Aug 2009 00:15:55 +0000

Very Strong Sales in July!

KELOWNA: Wow, what a turn around in Real Estate sales. Who would have thought that we would have record numbers sales in July all over Canada!

We also had a strong month here in Kelowna. Not as much of a record as we noticed in other cities, but remember we benefit from their markets. Well priced listings and lower to mid-range priced properties remain in the highest demand across Kelowna and area. Recent activity from first-time buyers is beginning to boost demand in the â€œmove-upâ€ segment of the market. The opportunities for fantastic deals are eroding quickly in the “below $500,000″ price range especially.Â Above $500,000 is where you can get the deals, but remember, great deals are not found, they are made.

We have shifted from a market that favored the buyer, to one that is far more balanced. Our sales-to-listing ratio climbed steadily from a low of under 5% in the winter to 13.7% in July. We may begin to see modest price appreciation as inventories are drawn down slowly by sales although we are still very high with 1,686 single family dwellings to choose from.Â There were a very impressive 231 sales in July, which has been a steady come back from January 2009 of only 55 sales.Â July had healthy sales numbers in a month when we typically expect a summer slowdown.
We are by no means back to the roaring years from 2002 to 2007 but we are recuperating extremely fast and steady thanks to low interest rates, consumer confidence, and the strong market all over Canada.

Mardi Gras in Kelowna!

Great deals can still be made!

Call us now!

Major Cities Report
Victoria: Property sales soar in July. The number of sales of homes and other properties reached their highest peak for the month of July in at least 19 years. There are indications that the recession is nearing an end and people are feeling more confident.

Vancouver: Strong spring market carries into summer months. Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices. Since the beginning of the year, the MLSLinkÂ® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2% to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5%.

Kelowna: We are proud to report one of the better Julys ever. Our active listings are similar in single family dwellings or just down by a few, plus sales are up and the average price climbed significantly to over $480,000 thanks to 8 homes sold over $1Mill.

Calgary: Calgary Metro home sales show signs of strength. Confidence has definitely returned to the housing market,â€ We are continuing to see market improvement in Calgary home sales,â€ These are healthy sales numbers in a month when we typically expect a summer slowdown.

Edmonton: Record housing sales for second month in a row . The market is stable and strong sales and market activity are not driving prices up dramatically.Â Attractive mortgage rates and consumer confidence are powering the local market and sellers are being realistic about their pricing.

Toronto: Resale record in July.Â The steep drop-off in sales experienced at the beginning of the year has almost disappeared.

3 Bedrooms + 2 DensÂ | 3 Baths | 2,200 sq ft | 0.4 Acres | $799,800

Crawford Estates – 4817 Parkridge Drive

This Welcoming Home of Distinction was totally renovated & decorated in 2004. If you love an in-ground salt water pool, hot tub on 0.4 acre absolutely manicured park like grounds, double attached + detached large boat garage w/ drain & loft + RV parking this is just the beginning of what this property has to offer. This stunning immaculate open plan 3 bedroom + 2 dens home boasts oak hardwood floors & huge gourmet kitchen with granite countertops & stainless steel appliances, including gas stove. There are 2 gas fireplaces, a romantic master suite with a 5 piece ensuite, recessed ceilings, double French leaded & beveled doors, A/C, security system including in detached garage, acrylic stucco and much more. Yes! It’s all about you…. It’s your well deserved lifestyle!

More pictures, 360 tours and information here.

May Kelowna Real Estate News – April’s Statistics

admin — Mon, 11 May 2009 21:12:26 +0000

Renewed Confidence in the Market

Enjoy the blooming orchards!

KELOWNA: As you may notice further down the page, the major cities in Canada all have improved markets which is good news for Kelowna as we benefit from migration. Undoubtedly, this market has been challenging for both buyers and sellers. Nevertheless, the improvement in recent months is an encouraging sign. This is evident due to a stronger sales-to-active-listings ratio of over 9% in single family dwellings. Thereâ€™s more confidence in the housing market today than at the end of 2008 and prices have remained stable with some modest fluctuations up and down. While sales so far, in the past 4 months combined, are still running 44% lower than for the first four months of 2008, we have seen a dramatic upswing in market activity this spring. Sales have been particularly strong in the lower to mid-range prices with 70% of all single family homes last month selling for under $500,000. We feel this demonstrates renewed confidence in the market and these are all signs that a balanced market is on the horizon. However, inventory is still relatively high and sellers should price their properties aggressively to attract offers.

Great deals can still be made!

Major Cities Report
Victoria: Spring real estate sales soar! A total of 747 homes and other properties sold in April through the Victoria Real Estate Boardâ€™s Multiple Listing ServiceÂ® (MLSÂ®), up 24% from the 602 sales in March. There were 768 sales in April of 2008.

Vancouver: Buyer activity brings greater stability to the housing market! Residential property sales in Greater Vancouver totaled 2,963 in April 2009, a decline of 8% from the 3,218 sales recorded in April 2008, and an increase of 31% compared to last month.

Kelowna: Thereâ€™s more confidence in the housing market today than there was at the end of 2008. A total of 157 Single Family Homes sold in the month of April 09, up from March 09 at 131. Sales are up and prices remain stable, we are seeing a balanced market on the horizon.

Calgary: Spring is giving new life to the residential real estate market showing an increase of 19% from sales in March. This was a decrease of 5% from April 2008. First time home buyers are taking advantage of great inventory and very low interest rates.

Edmonton: Housing prices and sales increased in April. Sales activity on the Edmonton Multiple Listing ServiceÂ® increased in April as compared to last month and April 2008. There were 3,019 residential properties listed in April with sales of 1,843 (up 33.6% from last month and 1.1% from April 2008).

Toronto: In April 2009, Greater Toronto REALTORSÂ® reported 8,107 sales â€“ down 7% from April 2008. The average price for April transactions was $385,641 â€“ down 3% from last year.

3 Bedrooms + Den | 2.5 Baths | 1765 sq ft | Built 2001 | $474,800

Lower Mission (Off Cook Rd.) – #141-3788 Bird Place

Grand, Sophisticated, Magnificent, Immaculate are just a few words that describe this fabulous 3 bedroom + den residence. Enter this home through a most welcoming private and expansive tiled patio. The bright open plan features 2 storey ceilings, oak and tile flrs., fireplace and recessed art niches. The maple kitchen boasts loads of cabinetry, nook & family room opening to relaxing back patio complete w/ electric awning for those lazy sunny afternoons. The MASTER SUITE ON THE MAIN FLOOR incl. lge bayed sitting/reading area and big 5 pce ensuite. Incl. 4 ft. crawl space, A/C, 6 appliances, B/I vac, full height cabinetry w/ sliding drs in garage + overhead storage in high ceiling garage, low strata fees of only $122.50./M., Plus there is $40,000 in upgrades. The recreation centre includes pool, hot tub and guest suites. Located in exclusive gated Mallard’s Landing 1 block to beach.
More pictures, 360 tours and information here.

April Real Estate News – March Statistics

admin — Thu, 09 Apr 2009 20:06:02 +0000

Moving Towards a More Balanced and Stable Market

Happy Easter!

KELOWNA: Thereâ€™s more confidence in the housing market today than we were seeing lateÂ last year. Sales activity is rising as spring arrives, we noticed a big difference in the second half of March. We are happy to report that we are working with investors, first time buyers and also with out of town clients ready to buy.

Prices remained very stable with a modest drop to $438,493 average for a single family home. The upper market is still very tight with only 20% of the sales over $500,000.Â For properties listed over $1 Million, only 2 have sold so far this year, with 376 properties to choose from! Only 8 lots have sold so far this year with the average price of $255,462. Inventory is rising slightly which is normal for this time of the year and we are excited to see the sales to listing ratio improving as well! Single family homes sales to listing ratio are at 8%. Apartments are at 4% and Townhomes came in at 6%. All in all not a banner month, but we are seeing improvements!

Great deals are available!

Major Cities Report
Victoria: Real estate sales gain momentum in March. Total sales last month were higher than the March figures during each year from 1995 to 2001 – a market which we considered to be balanced. The average price for single family homes sold in Greater Victoria last month was $534,689.
Vancouver: Property sales strengthen in current market cycle. Sales of detached properties in March 2009 declined 19.6 % compared to the same period in 2008. The benchmark price, for detached properties declined 15.1% from March 2008 to $649,342. West Vancouver is at 1.1Mill.
Kelowna: Sales activity is rising as spring arrives. Prices remained very stable with a modest drop to $438,493.Â Sales-to-Listing inventory is rising.
Calgary: Slowly shaking off its winter blues 32% more sales in March over February 2009 and a 23% decrease over March 2008.Â Average price came in at $420,354.
Edmonton: First quarter housing prices hover around $350,000. Sales in March were up 28% from the previous month.
Toronto: March resale housing results bring positive news. The situation in the housing market has improved. The average price for March transactions was $384,000 .

West Kelowna Estates – 2329 Devon Ct

Your chance for an awesome investment with this tastefully decorated and upgraded home. It boasts new quality laminate floors, fresh paint, blinds, lighting plus newer kitchen and tiles. It offers a 2 BEDROOM SUITE, FLAT DRIVEWAY is located on a CUL-DE-SAC and on a super PRIVATE .26 Ac. lot backing onto GREEN SPACE. This property also includes 2 separate laundry rooms, 10 appliances, above ground pool, covered deck and patio, garden, assortment of fruit trees and oversized garage.
More pictures and information here.

March News: February’s Real Estate Stats

admin — Wed, 11 Mar 2009 16:57:40 +0000

Moving Towards a More Balanced and Stable Market

KELOWNA: Wondering if the winter will ever end this year in Kelowna? We are sure it also has an effect on the activity in Real Estate. People are taking a â€˜wait and seeâ€™ approach with buyers and sellers looking forward to the spring.

Here are 7 more reasons to call The Krieg Family!

Nothing sold over 1 Million last month and still our average price came up from $412,000 in Jan 09 to $448,000 in Feb 09. Only 5 lots sold last month and CMHC is reporting only 11 housing starts in February. Undoubtedly, the global economic downturn has battered everybody’s confidence. Please be careful in what you read in national and US housing reports and articles that do not reflect our local market conditions. We have promising signs here in Kelowna; It appears that we are moving towards a more balanced and stable market.Â Sales made some gains this month, prices are stabilizing and the rate at which our inventory is selling is increasing. With low interest rates, broad selection and improved affordability, buying opportunities have not been this strong in years. There are terrific opportunities out there right now, but with the inventory selling quicker, those opportunities may not be available for very long, and over quicker than you may think. Whatever you buy today, I am sure you will look like “a genius” in 10 years and you wish you would have bought more.

Great deals are not found, they are made!

Major Cities Report
Victoria: Real estate sales rebounded in February total of 403 homes and other properties sold. The average price for single family homes sold last month was $542,396, up from $526,148 in January.
Vancouver: Property listings decrease, as February sales improve 1,480 sales registered in February with a benchmark price of $486,054.
Kelowna: A rise in the average price plus improved sales over January with similar inventory point to a better market ahead.
Calgary: 825 sales in the month of February 2009 showing an increase of 50 per cent from 550 sales in January. The average price of a single family home was $415,568 up 0.6%
Edmonton: Local housing prices continue to slide while sales rise. The average price of a single family home in February was $347,309 with 1,075 residential sales and 21,440 homes in the inventory.
Winnipeg: February MLSÂ® sales down 14%.Â 660 units sold, dollar volume remained strong as the level resulted in the third highest on record.
Toronto: Sales and average price were above January levels. The average home price was $361,305 in February with 4,120 residential sales and 7,097 homes in the inventory.

0.2 Acres | Flat Lot | 70 ft Wide | $279,800

Upper Mission (The Ponds) – Lot 7 Hewetson Ct

Have you been dreaming of breathtaking panoramic lake, city & bridge views, a wide 70 ft, .2 acre lot with a flat driveway? This is it! This view lot is perfect for a walk-out rancher with loft, located in the quiet prestigious Ponds subdivision in exclusive Upper Mission. For the nature/fitness buff in you there are many peaceful trails, waterfalls, creeks, ponds, parks, school and shopping in this harmonious subdivision. You can choose your own builder.
More pictures and information here.

February Kelowna Real Estate Stats

admin — Mon, 09 Feb 2009 16:41:11 +0000

The latest real estate statistics for Kelowna have been released.