David Delorme Your Investment Property Specialist

778-821-3885
 

I'm sure you keep hearing the Buzz that the housing market in Kelowna is Booming...But Where?

 

We currently have a shortage of Inventory which is making things more competitive for buyers and in many cases more lucrative for sellers.

 

Have a look at the graph showing our inventory over the past 3 years. It shows the number of active listings every month. 

 

 

 

 

Can you see the trend?

You can see a big drop year-over-year in the number of listings.

 

Sorry Buyers, a shortage of supply usually means an increase in price.

 

 

If you are thinking about buying or selling in this lovely place we call home you might want to know which areas have seen the biggest increase in price. You may also want to know which types of properties have seen the biggest jump.

 

 

 

If you look at the chart below you can review the sub areas of Kelowna and West Kelowna. You will see the Average Price per single family residence Year to Date in December of 2014 and December of 2015.

 

 

 

 

 

Which Areas have seen the biggest jump in Price in Kelowna?

 

You can see that Crawford Estates, Dilworth Mountain and Wilden have saw significant jumps in price. However, you can also see that in some sub-areas the average home price went down, like in Big White, Joe Rich and Lakeview Heights.

 

 

Now, lets have a look at the condo market.

 

The Chart Below has the Average sold price of Condos in Kelowna and West Kelowna by area.

 

 

 

You will see that there have been big increases in average price in Peachland, Kelowna North, Glenmore and Westbank Centre. You will also see declines in Lakeview heights, Westside Road and Lake Country North.

 

Why are we seeing these changes?

 

Low interest rates have been a big factor in the recent jump in sales. As they continue to remain low through 2016, we will see if the struggling oil sector will have a negative impact on the market. With huge spikes in home prices in large metropolitan areas like Vancouver and Toronto, Kelowna is being seen as an affordable means to home ownership.

 

Contact David Delorme of Coldwell Banker Horizon Realty with your Real Estate questions.

 

 

 

All Statistics Provided by the Okanagan Mainland Real Estate Board

Post CommentComments: 0Read Full Story

I was intrigued to see what type of role Albertan Buyers would have on the Kelowna Real Estate Market last month. Last February, we saw our first significant reduction in Sales by Albertans since Oil Prices declined at the back end of 2014. Now it is safe to say things have returned to normal and March saw 17.2% of buyers coming from Alberta.

The past 6 Months are as follows:

% of buyers from Alberta:

March 2015: 17.2%
February 2015: 11.8%
January 2015: 17.4%
December 2015: 15.7%
November 2015: 15.1%
October 2015: 18.5%

However, Kelowna is much more diverse than some people think. We have buyers coming from all areas of Canada and from all walks of life. You can see below who is buying and from where they are buying:

MARCH SURVEY SUMMARY

Property Type:

23.0% by First Time Buyers (down from 25.4% in February)
19.7% by Buyers Downsizing (up from 17.4%) *
17.7% by Move-Up Buyers (up from 16.7%) *
8.0% moving from Single Family Home to Strata Unit (down from 13.0%)
7.5% buying Revenue/Investment Property (down from 13.0%) *
6.6% moving from Strata Property to Single Family Home (up from 0.7%) *
6.1% buying Recreation Property (up from 3.6%) *
1.4% moving into Retirement Home/Seniors Community (up from 0%) *

* During March, there were increases in purchases by buyers who were downsizing and moving up, revenue and recreation property buyers, and people moving from stratas to single family homes - compared to the previous month.

Buyer Type (Family Dynamic):

26.7% Two Parent Family/Children (up from 19.4% in February) **
24.9% Couple without Children (up from 21.5) **
20.2% Empty Nester/Retired (down from 22.2%)
12.7% Single Female (down from 15.3%)
9.8% Single Male (down from 16.0%)
5.6% Single Parent with Children (up from 4.2%) **

** There were more purchases by two-parent families, couples without children and single parents during March, while other buyer categories were down compared to February

Moving From:

60.2% from Within OMREB Board Area  (down from 66.7% in February)
17.2% from Alberta (up from 11.8%) ***
9.2% from Lower Mainland/Vancouver Island  (up from 6.9%) ***
5.5% from Other Areas in BC (down from 6.2%)
2.7% from Saskatchewan/Manitoba (down from 4.2%)
2.7% from Outside Canada  (up from 1.4%) ***
2.3% from Eastern Canada/Maritimes (down from 3.5%)
0% from NWT/Yukon (same as February)

*** More buyers moved from within the Board area, Lower Mainland and Vancouver Island, and from overseas during March, while migration from other areas declined compared to February.

These stats are important when developing a Marketing Strategy for Selling your home. If we know what types of people are buying we can focus on marketing to certain areas, or showing your home in a particular way that will appeal to specific Buyers. Contact David Delorme to discuss how we can help you market your home most effectively.


*this is an interpretation of market statistics and an opinion only. Information should not be used as a way to predict future market trends.

Post CommentComments: 0Read Full Story
The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.