New Listing, Won't Last Long!!

This wonderful home backs onto Mission Creek & features many updates. Large 36x24 heated workshop with 11' doors with lane access. Room for 4 cars. Perfect for working on cars, boats, RV's or home for your business. Quartz, Hardwood, Eucalyptus Cabinets, Ceramic Tile, New windows, roof, central air garage door & fence. Electrical upgraded. Mission Creek trails right behind your house! Private Setting. Wired for sauna. Irrigation. Measurements are approximate, please have buyer verify if important. Please call Steve Higgins for private viewing. 250-864-7893

Our April Housing Market is Strong and Steady!!

As expected, property sales continued to outpace last year with an 8.14% increase compared to April of 2014. Year to date, market activity is up 17.75% over this time last year. With fewer listings being taken in April this year, they were marginally down 1.18%. But, being of particular interest, are days on market which have dropped substantially averaging 85 days compared to 103 last year.
Single family homes year to date are averaging only 71 days on the market before they sell. Given the ongoing demand for housing in our Kelowna market with fewer listings coming on stream and taking less time to sell, the inevitable is starting to happen: prices are moving up. In the month of April, the average single family home sold for just over the half a million dollar mark at $501,288, up 7.05% over last year. The median increase was even higher at 8.08%. Condos so far this year also reflect a similar situation with the average price of $253,545 and only 91 days to sell. Some segments of our market, notably the entry level single family homes, are firmly in seller’s market conditions.

So far, the lower price of Alberta oil has not had an effect on our market activity. Albertans are back to making up 17% of our buyers but it is the local buyers that are driving our market at this time with the continued low interest rates and the positive consumer economic outlook. The recent historic election of an NDP government in blue Alberta will be interesting to watch and to see how the business community reacts.Within minutes of the NDP being declared winners of a majority government, I got a text from a friend of mine who said the time had now come to move to the Okanagan. I’m sure that was an overreaction but the baby boomers just keep retiring and keep looking for a reason to come to the beautiful Okanagan… Just like so many of us have already done.

Beautiful Dilworth just REDUCED $799,000.00

Dilworth Custom SHOWHOME. Expansive Mountain Views from this 2998 Sq ft., 4 bedroom, 3 bathroom home. Tons of updated features such as built in speakers, heated ensuite floor, 10 mil shower door, heat pump, wet bar, granite, hardwood, walk in pantry, linear gas fireplace etc.Walk out basement has wonderful family room, 2 bedrooms and a fitness/games room. Room for a Pool. RV parking. Call or text Steve Higgins RE/MAX Kelowna 250-864-7893 for private viewing.

Home Sales in BC Post Strongest March in Eight Years

The British Columbia Real Estate Association reported that a total of 9,101 residential unit sales were recorded by the Multiple Listing Service in March, up 37.6 per cent from the same month last year. Total sales dollar volume was $5.8 billion, an increase of 57.1 per cent compared to a year ago.

The average MLS residential price in the province rose to $641,799, up 14.1 per cent from the same month last year. BC home sales climbed significantly in March and  more homes traded hands last month than any March since 2007.

On a seasonally adjusted basis, March has posted the most home sales of any month since December of 2009. Great news! With rock bottom interest rates and rising consumer confidence having strengthened housing markets in most regions of BC.

Many of the board areas are now exhibiting a seller's market conditions with home prices advancing well above the overall rate of inflation. During the first quarter, BC residential sales dollar volume was up 33.2 per cent to $12.7 billion, compared to the same period last year.

Residential unit sales were up 22.5 per cent to 20,139 units, while the average MLS residential price was up 8.7 per cent at $630,435.

Back on the Market at a New Price 949,000.00

INCREDIBLE LAKE & CITY VIEWS. Large Lot with Room for Pool. Park your RV & Boat. Only a few minutes to Downtown. Custom Built Home with Suite. Surrounded by Executive Million Dollar Homes. Priced below Assessment. Please provide reasonable notice for tenants. This property has one of the most amazing views around. Lake views during the day, city lights at night. Call or Text Steve Higgins at RE/MAX for personal viewing. 250-864-7893

Here is a Spring Cleaning Checklist for the Exterior of your Home.

• Inspect the exterior walls of your entire home. Look for signs of winter damage such as splitting wood, peeling paint, mold, etc.

• Do you have brick? It should be cleaned and checked for water damage once a year. If there is mold, mildew, or moss, wash with a solution of 1cup of bleach mixed with 4L of water. Use a natural or synthetic bristle brush. Wire brushes leave traces of steel behind that will rust and discolor the bricks.

• Clean your windows. And If you use storm windows, remove them.

• Use screens? Make sure they are dust-free and sparkling clean before putting them up.

• Check the driveway for cracks or winter damage.

• Clean the steps & driveway with a spray nozzle hose. If moss is visible, pour vinegar on it and scrub.

• Inspect the gutters around the house. Remove debris.

• Inspect the roof, looking for damage and missing or loose shingles.

• Get your deck ready for use. Clean it with oxalic acid, which will penetrate the wood and kill microorganisms. Once dry (24 hours), treat the deck with a sealant.

• Prepare outdoor furniture for use. If you kept the furniture out during the winter months, you need to scrub the surfaces clean. If you stored your furniture, bring it outside and make sure it’s clean.

• The first step to a beautiful, clean garden is to remove weeds. It is important to leave a few, however, as they do have a purpose; they are food for insects and create a covered landscape for little critters.

• Give your garden a filled-in appearance until it grows in. Sprinkle mulch around shrubs, trees, and flowerbeds.say

OUR STRONG SPRING MARKET CONTINUES

Real estate activity in March just continued where February left off with unit sales up almost 29% over March of last year with 516 properties of all types changing hands. That means year to date our market is up 23.5% over last year. Our listing inventory is now starting to build as 1,205 new properties came on to the market in March for a total listing inventory of 3,551 which is still about 300 fewer listings than last year at this time but is up about 280 more than in February.

Percentage wise for March, townhouses had the greatest gain in sales at 44% increase over last year with condos following closely behind at 42%. Single family homes, which make up the bulk of the sales, were up over 30%. As far as average price goes, single family homes have held steady at $487,700 year to date but the median price is up 4% at $462,500. Condos and townhouses have maintained a relatively flat median price but condos are starting to show possible gains.

So far the price of oil has had very little effect on our market but it may be too early to conclude that it won’t. Alberta is now making up about 12% of the buyers, down from 18%, but the biggest jump in purchases is from our own local area where they make up about 65% of all purchases, up about 10% from before. The very low interest rates have definitely helped first time home buyers get into the market and overall consumer confidence is strong. Recently, a BC economist stated that if one is not associated with the oil industry, the BC economy is very good for everyone else. With the resurgence of the US economy demand for BC resources and soft wood lumber is increasing. Tourism is expected to increase with our weaker dollar, particularly with the Americans and one would be pretty hard pressed to find a better tourist destination than the Okanagan valley right now.

As we move into April and May, traditionally two of the busiest months, it will be interesting to see this strong trend continue and how it will be affecting housing prices. As we all know, if the listing inventory cannot keep up with the demand, we will see prices continue to climb. So, if you have been sitting on the fence trying to decide whether to make your first purchase or move up into another home, now might be the best time to actually do it.

We are having an Interesting start to 2015

January may have been typically slow in our area but February exploded with a flurry of business that surprised even the optimists among us.  Sales in February were up 43% over the same month last year; 379 vs. 265!  A huge increase!  Also, there were 932 new listings in February this year compared to 839 last year, giving us an active base of just over 2000 listings.  

While the total number of listings is below last year at this time, the rise in new listings in February is encouraging.  Another interesting statistic is “Days on Market” which tells us how long a property took to sell. In February, the Days on Market dropped from 110 days last year to 86 days this year.
The buying activity is strong with a good mix of properties selling across the pricing spectrum.  The strongest growth in sales was in the $400,000 to $479,000 price range (up 68%) with most other price ranges showing sales growth of between 30% and 40% compared to 2014.

While it is still too early to say there will be no impact on the market resulting from the drop in oil prices, we are seeing a healthy start to 2015 which gives support to reasonable optimism.  The U.S. economy continues to show renewed strength with Canada not far behind.  The strength of the U.S. dollar and the weakening Canadian dollar may well be a positive thing for the resource based economy of BC.  As the U.S. grows, so does the demand for our lumber and other exports which is further enhanced by the lower Canadian dollar.  While the lower Canadian dollar is frustrating to those holidaying in the U.S., for our economy, it is a significant benefit.  Flowing from this is the stability of our employment and from that the stability and strength of our real estate market. 
Interest rates are holding at record lows with no real sign of change in the near to mid-range ahead.  Overall, we expect a good year in 2015 with continued growth in the economy resulting in steady buying and selling activity.

BC Housing Demand Remained Elevated in February

The British Columbia Real Estate Association (BCREA) reported that a total of 6,661 residential unit sales were recorded by the Multiple Listing Service in February, up 19.4 per cent from the same month last year. Total sales dollar volume was $4.3 billion, a nice increase of 24.8 per cent compared to last year. The average MLS residential price in the province rose to $639,405, up 4.5 per cent from the same month last year. 

Consumer demand remained robust in February. After several years of below-average activity, home sales are now trending above long-term levels. The total active listings on the market were down 7.5 per cent from a year ago, with fewer homes for sale, combined with elevated consumer demand has the housing market firmly in balanced conditions. 

Year-to-date, BC residential sales dollar volume was up 18 per cent to $6.9 billion, compared to the same period last year. Residential unit sales were up 12.4 per cent to 11,038 units, while the average MLS residential price was up 5.0 per cent at $621,065.

BC Home Sales to Rise into 2016

The British Columbia Real Estate Association has released its 2015 First Quarter Housing Forecast Update.

Stronger economic conditions here at home and abroad combined with favourable interest rates and population growth are expected to bolster housing demand over the next two years. After a year in which housing demand was higher across the province, the retrenchment of oil prices is expected to attenuate housing demand in some regions while bolstering it in others. The Multiple Listing Service residential sales in British Columbia is forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. With a record 106,300 MLS residential sales were recorded in 2005.  

The average MLS residential sales price is forecasted to rise 4.5 per cent to $594,000 this year, with most of the upward pressure being on the South Coast. Elevated consumer demand is expected to be partially offset by resale inventories and additions to the housing stock in 2016. As a result, the average MLS  residential sales price is forecast to increase by 2.4 per cent to $608,500 next year

New Listing 569 Harrogate Lane $839,000.00

Dilworth Custom SHOWHOME. Expansive Mountain Views. Tons of updated features such as built in speakers, heated ensuite floor, 10 mil shower door, heat pump, wet bar, granite, hardwood, walk in pantry, linear gas fireplace etc.Walk out basement has wonderful family room, 2 additional bedrooms and a fitness/games room. Room for a Pool. RV parking. Call Steve Higgins RE/MAX Kelowna 250-864-7893 for private viewing.

New Listing 4675 Parkridge Drive $650,000

Crawford Estates Living - Beautiful Updated 4 Bedroom 3 Bath home on .51 Acres. Great Neighbourhood. In 2010 all the windows were replaced along with a new hot water tank, high efficiency furnace & heat pump in 2010 & 2011. 4th Bedroom is in Bonus Room or can be used as a upper level Family Room. Main floor Living room and Den. Amazing back yard for family enjoyment. Room for your Boat or RV. Best price in Crawford Estates for quick sale. Quick possession possible. Call Steve Higgins RE/MAX Kelowna for easy viewing. 250-864-7893