Headlines were dominated for part of last month by the large Wildfire in the Westside Rd area of Kelowna.
I actually saw the lightening strike that started the fire and within an hour saw the tell tale plumes of smoke rising across the valley.
Yet again,our thanks go to our excellent Fire Service, for the great job they do, and with the help of some cooler days and some unseasonal rain they now have everything under control.
It did seem to have an effect on Real Estate Business, as we experienced a dip for a few days in activity, but things were extremely busy again last week with showings and offers.
Kelowna Real Estate Sales July 2015
As you can see the quieter spell, did seem to have a knock on effect to the month end sales figures, being 15% down on last month, and just over 1% on this time last year.
We are also continuing to find that some Buyers are having challenges obtaining mortgages as lending criteria remains tight, and we understand that the rules for Self – Employed people will again be tightening up as of August 1st, so writing a ‘back-up’ offer remains an option, if a home already has an offer and is ‘subject to’ Financing.
As for how much of the market is being affected by the lower oil prices and it’s effect on the confidence of Alberta Buyers, it is difficult to quantify at the moment, so we are continuing to monitor the Buyers Survey Results.As of last month, Alberta Buyers represented 18% of the market, which was up from 15.7% the previous month.
Months of Inventory in key sectors of the Kelowna Market July 2015
|Area Criteria||Sold||For||Months||Trend*||Buyers /|
|S/Fam Homes W Kel /Kel $300k -$500k||118||342||2.9||Falling||Sellers|
|S/Fam Homes Nr Hospital $300k-$450k||4||8||2||Falling||Sellers|
|2 Bed Condos UBCO $180k-$320K||14||54||3.85||Falling||Sellers|
|1&2 Bed Condos Downtown $200k-$500k||13||52||4||Rising||Sellers|
|Town Homes W Kel/ Kel $240k-$500K||54||160||2.43||Rising||Sellers|
Looking at some of the areas of the market we watch closely each month, you can see that months of inventory remain quite low, and is continuing to fall.
This months Shopping List for Buyers
If you know anyone who is looking to sell, especially in the following categories, which is not already on the MLS® System, please pass this link on to them and encourage them to contact us please!!
– $500,000 – $700,000 Upper End Finished Home – bright, preferably a Rancher Style, Lower Mission or Upper Mission..
– Walk Out Rancher, with good sized main living area to allow for entertaining, a reasonable sized garden and preferably a view up to $600,000
– Top Floor Condo up to $330,000 – Higher End Finishing, bright with a nice view & possibly Golf Course View
Trish and Tanis
Tel 250 863 898