Sunday, 12 June 2016

Kelowna's Market.

So, how’s the market? This is the question I get asked more than any other! The quick answer is, it’s very BUSY or at least it has been for me. But this question actually has two answers and it depends whether you’re a buyer or a seller.

Sellers, of course, are ecstatic because when they make the decision to sell their home, it is not a 4 or 5-month process of home showings and waiting for that all elusive showing appointment or offer. Sellers are seeing an almost immediate response when they list their homes, especially if the price is below $650,000. Some are selling the first day on the market with multiple offers.

Buyers, on the other hand, are finding it a little more challenging to get the perfect home. With lower than normal inventory levels and higher demand for listings, buyers who aren’t working with a professional agent, that is full time and on top of the current market, don’t even get the opportunity to act on a property before it’s gone.

Here are some of the market highlights:
• Residential listing inventories are down - listing inventories decreased by just .5 % from May 2015 to May 2016 and by 2.44% year to-date compared to 2015.
• Residential sales are up - way up! - Sales increased by a whopping 42.73% from May 2015 compared to May 2016 and a 30.98%
increase year to-date over 2015.
• Average house prices are up! – the price of a single family home in May 2016 was up by 19.23% compared to $504,262 in May 2015.
• Residential properties are selling faster – the average number of days on the market has decreased to 53 days in May 2016 from 71 days in May 2015.

Buyer gridlock, a term that refers to a situation where sellers are hesitant to list their properties for sale because of a lack of inventory or affordable options to move to when their home sells. As a result, they are staying where they are and making it work and that’s limiting the number of entry level options for buyers who are trying to get into the market. We are starting to hear sellers voicing this concern in the Okanagan.

As this starts to become a reality, it will lower inventories further making it more difficult to find the perfect home. This has been an issue in Toronto and Vancouver markets for some time, but as sales continue to increase and inventories remain low in the Okanagan, we expect to see more of this creeping into our market.

Tuesday, 31 May 2016

Now is the Time to Buy as Prices are going UP!

The British Columbia Real Estate Association reports that a record number of  residential unit sales were recorded by the Multiple Listing Service in April, there were 12,969 that is up 30.3 per cent from the same month last year. Home sales last month beat March’s record of 12,560 units. Total sales dollar volume was $9.64 billion in April, up 52.7 per cent compared to the previous year. The average MLS  residential price in the province was up 17.2 per cent year-over-year, to $743,640. The housing demand has been exceptionally strong across the southern regions of the province. Who doesn't want to live in the sunny Okanagan!! The consumers appear to be particularly active in the Thompson/Okanagan, the Vancouver Island, and the Fraser Valley regions.

Strong employment growth is helping boost the consumer confidence. The BC economy has employed more than 78,000 additional workers during the first four months of the year, that is an increase of 3.5 per cent compared to the same period last year. The year-to-date, BC residential sales dollar volume increased 64.3 per cent to $31.2 billion, when compared with the same period in 2015. Residential unit sales climbed by 36.2 per cent to 28,028 units, while the average MLS residential price was up 20.6 per cent to $761,860.

Saturday, 14 May 2016

If You want Lake Views then this is the Home for You!





Enjoy Beautiful Lake Views in this Walk out Rancher 4 Bed 3 Bath with Suite potential. This Open Concept Family Home has hardwood floors in great room & 2 beds on main. 2 Washers and 2 Dryers - up and down! Walkout lower level has two beds, 1 bathroom, kitchen, family room and potential for media room. Close to wineries. Sit on your deck and enjoy the stunning lake views while sipping a glass of wine! Call or text Steve Higgins RE/MAX Kelowna for viewing 250-864-7893

Monday, 25 April 2016

The Market is Wild!

The British Columbia Real Estate Association has reported that a record 12,560 residential unit sales were recorded by the MLS in March,that is up 38 per cent from March of last year. Home sales last month have eclipsed the previous record of 11,683 unit sales in May of 2007. Total sales dollar volume was $9.69 billion in March, up 66.9 per cent compared to the previous year.

The average MLS residential price in the province was up 20.2 per cent year-over-year, to $771,620. Housing demand has never been stronger in the province. Most large population centres of the province are now experiencing record levels of housing demand. This being true in Kelowna. With a strong employment growth, rising wages and a marked increase in net inter-provincial migration is fueling the consumer confidence. Supply imbalances are becoming increasingly common as new residential listings are not keeping pace with consumer demand. As a result, the inventory of homes for sale is at decade long lows in many regions.

The year-to-date, BC residential sales dollar volume has increased 70.1 per cent to $21.59 billion, when compared with the same period in 2015. Residential unit sales climbed by 39.2 per cent to 28,028 units, while the average MLS residential price was up 22.2 per cent to $770,408.

Saturday, 16 April 2016

Great Townhouse in Dilworth Estates with a View!!


Enjoy Beautiful Lake Views in this Dilworth Homes Built Townhouse. Upgraded Hardwood floors, 4 large Bedrooms. Open Concept Living Room and Large Family Room down. Great deck with Awning and lower level patio. End unit with visitor parking right beside. Built in Speaker & Central Vacuum. Security System, Glass Railing on Deck, Any size dog is allowed. Call or text Steve Higgins RE/MAX Kelowna to view 250-864-7893.

Friday, 25 March 2016

Can't beat the Views!

Amazing Custom Home that checks all the boxes. 5 large Bedrooms & Den. 5 Bathrooms, Luxury throughout. Granite, Hardwood, High End SS Appliances. 2 Fireplaces, 2 Master Bedrooms. High end 1 bed suite with 2 decks. Media Room, Wine Cellar, Crown Moldings throughout. 3 Car Garage with Tandem for Shop or Toys. Patio with 2 sided Gas Fireplace and built in BBQ & Fridge. This House Has it all. Room for a pool too. Views of the Lake and UBCO on one side and the Airport on the other. 2 Championship Golf Courses Nearby. Walk to UBCO. New Shopping Coming to Area. Call Steve Higgins RE/MAX Kelowna to view 250-864-7893

Sunday, 20 March 2016

It's all about the Location!



Walk to Downtown from this Fantastic Location. 2 beds, 1 bath or 1 bed & Very Large Den. You decide! Updated kitchen, & flooring. Dining and living rooms with fireplace. Large Laundry and storage in suite. Underground parking, with guest parking and storage locker. 2nd bedroom/Den doesn't have a window. Call or text Steve Higgins RE/MAX Kelowna for private viewing. 250-864-7893

Country Living almost in the City!



Solitude and Serenity is waiting for you along with a shop for your Hobbies. 4 Bedroom 3 bath, 2 Storey home with an unfinished basement ready to be customized. Great Location beside acreages and surrounded by mature trees. Room to park your RV and Boat. Beautiful yard. A Must see. Call or text Steve Higgins RE/MAX Kelowna 250-864-7893

Friday, 18 March 2016

Just a Quick walk to Downtown!


With this great Location you can walk to Downtown. Half duplex with upper level beautifully updated. This Bi-Level has 2 bedrooms up, 2 bedrooms down and 2 bathrooms. It is 1 block away from Bankhead School & Lombardy Park. This home has a separate entrance that would allow for in-law suite potential. To see this home call or text Steve Higgins RE/MAX Kelowna 250-864-7893

Thursday, 10 March 2016

Location, Location! Won't last long!


High End Luxury in a Awesome Location in walking distance to downtown Kelowna. 2 Bed/ 2 Bath Top Floor, Hardwood, Gas Fireplace. Quiet building.  1 Dog & 1 Cat are allowed. Very rare offering in this building. There are Rental restrictions. Waiting list. Convenient Parking Space, a 4x8 Storage Locker. Call Steve Higgins RE/MAX Kelowna 250-864-7893 for viewing.

Friday, 4 March 2016

Hot on the Market Today!


This Townhome is in Show Home Condition! Within walking distance to 3 schools and a park. Granite Counter tops, Hardwood, Tile, Vaulted Ceilings, Central Vacuum. Private Backyard. Beautiful Kitchen Open Concept. 4th bedroom or could be a Family Room. Feels like a home that would sell for hundreds of thousands of dollar's more! Family neighborhood. Pets are allowed 1 Dog 17" or smaller or 1 Cat. Stainless Steel Appliances have extended warranty. Must see! 1st time Buyers don't pay Transfer Tax. Call Steve Higgins RE/MAX Kelowna to view. 250-864-7893.

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