May in the Okanagan

October 27, 2022May 16, 2022 by Joan Wolf

It’s been a fairly cool start to May in the Okanagan but the same cannot be said for the real estate market. Although it has slightly shifted to a more level market, it still remains to be a hot spot for many home buyers. We are finding it’s not just locals who are moving up from condos and buying single family homes. There are many buyers coming from out of province, and even out of country to purchase their own piece of paradise in Kelowna. And who can blame them!? The Okanagan, Kelowna in particular is the most amazing place to live.

There are countless opportunities in the city in careers, adventures, and your real estate portfolio. This summer is shaping up to amplify all three with many events making a come back after a two year hiatus. This brings more revenue to the city and with many tourists visiting the city, real estate will remain strong.

May in the Okanagan- Real Estate Recap

Real estate in April marked a decrease in number of units sold compared to April 2021. But that’s not to say they are low. They are just lower in comparison to the record breaking 2021 we saw. We are still seeing a fairly low inventory, which we know has been driving up the home prices, but it is starting to transition to a more stable environment.

The average days to sell is still on the decrease. Single family homes are sitting on the market just 22 days on average. Condos and townhomes are also seeing big decreases in days to sell. Townhomes dropped 54% compared to last April – with an average of 19 days on market.

Lakeview Heights in West Kelowna and South East Kelowna continue to be sought after neighbourhoods. These are popular with buyers because of the spaciousness of the homes, the peaceful settings, and larger lot sizes. Other neighbourhoods that are also popular are Joe Rich and Lake Country.

From affordable fixer uppers to large commercial lots, there are plenty of sales happening in the Okanagan. Like the 11 million dollar commercial deal on Truswell that I just firmed up, and the many single family homes throughout the region. I may specialize at Big White, but I’ve been bringing my expertise to the Okanagan and expanding!

Summer is just around the corner here in Kelowna. I think I can speak for all of us when I say that Kelowna in the summer is unmatched. Whether you are enjoying it in your backyard pool at your home in Lower Mission, or at a beach just down from your downtown condo, its the reason most of us live here.

If you are looking to purchase a piece of Kelowna to either start, or build your real estate portfolio, I am happy to assist you along the way. Feel free to contact me here or give me a call at 778-231-0308

Okanagan Real Estate Market Update: May 2021

October 27, 2022May 4, 2021 by Joan Wolf

The Okanagan real estate market has continued to showcase steady growth and chart topping numbers. Okanagan’s dynamic market displays fast moving inventory and competitive offers in many cases. A high demand, with predictions to remain steady into the upcoming months is becoming a common theme.

Okanagan is consistently seeing historically high numbers of sales and low inventory. This creates increases in value and remains apparent that the market still favor sellers as we continue in the second quarter of 2021.

The current market conditions are driven up by many factors. Some of which include; low interest rates, flexibility of remote working, and the intriguing Okanagan lifestyle. The “small town” feel that the Okanagan showcases is sought after with many buyers relocating from large cities.

With world-class wineries, sandy beaches, countless lakes and an abundance of outdoor activities, the Okanagan is a hot spot for people of any age. Many people are looking for more of that outdoor lifestyle. Whether its boating, golfing, or heading to Big White for some mountain biking our community offers all of that, and then some!

Okanagan Real Estate Market Recap

Market activity continues to exceed levels our area is accustomed to. We experienced 9845 sales totaling over 5.7 billion dollars in 2020. Year to date, we sit at 3.2 billion with 5002 sales. Value continue to climb and the increase of pressure will likely continue in the short term.

Not only are listings selling for more, but they are taking less time to sell, 28.23% less time compared to 2020 actually. In March 2021, residential listings were taking, on average, 33 days to sell.

A Closer Look

As we experience high level activity within our market, individual market segments performed differently. The number of residential sales increased by 115%, and the condo market is ahead of that with an increase of 130%. Townhomes are slightly behind at 114%. But the real dominator here was lot sales, as more and more people decide to build. We saw a 383%, yes 383% increase in number of sales compared to 2020.

Average prices in all segments have increased. The average price of residential soared to $930,251 a 28% change from 2020. Townhomes also increased by 24% to $621,485 and condos trailed with an average price of $415,411 compared to $352,444, a 17% increase.

Looking Ahead

With our current markets status, we expect a similar quarter. Demand remains strong throughout our region and combined with a high level of available capital market trends are expected to continue. We are in a time where market growth seems to remain stable and steady for the foreseeable future and sellers are still in a perfect pocket of opportunity.

For more information about the Okanagan real estate market contact me anytime.

Big White Ski Resort is the Place to be!

October 27, 2022December 9, 2020 by Joan Wolf

Big White Ski Resort is the place to be this winter season for anyone looking to get outdoors, breathe in some fresh air, and enjoy that beautiful champagne powder. The resort opened ahead of schedule this year and has had a seamless transition while incorporating all of the governments new protocols and restrictions. The resort has put many new policies to ensure visitors and staff alike are safe and following protocols.

Most are flocking to the mountain during the weekends, but if you get the chance to be there mid-week not only will you receive a discount on passes, but also get the perks of waiting less, skiing more, and fresh tracks!

Real Estate Market

If you are thinking now is the time, for either buying or selling on the mountain, you are absolutely correct. November 2020 saw a 160% increase in the number of sales, and the number of days to sell is also down compared to the same time last year. Over 17 million dollars of real estate was exchanged last month at Big White Ski Resort. As of today there are 69 available listings on the mountain. You can purchase a studio apartment for under $100,000 or a luxurious chalet in Feathertop Estates for $1,675,000.

New at Big White

Recycling! Residents and visitors the resort can now drop off their refundable beverage containers at the region’s first Return-It Express & GO recycling station. This new service was a direct response to the needs of residents and visitors on the mountain. Located at 4500 Big White Rd., the new facility makes recycling easier by allowing drop off pre-bagged beverage containers without sorting them. Another cool feature of this amenity is the fact it is solar powered and housed in a repurposed shipping container. For further information check out this article.

With new snow dropping daily, it’s definitely better to be outside! See you on the mountain, email me, or drop by my office in the heart of the Village! (Right under Snowshoe Sam’s)

LIVE WHERE YOU PLAY

Big White Real Estate Market Update February 2020

October 27, 2022March 5, 2020 by Joan Wolf

Big White Real Estate market update for February shows the rush of the New Year went well into February as we are seeing many new listings popping up and an increase in sales over the same time last year. With new developments and amenities surfacing on the mountain, the demand for a Big White Ski Resort property is high.

Big White Real Estate Market Update

In January and February of this year, we saw 60 new listings hit the market, 30 in January and 30 in February. Comparing it to 54 last year it’s not a drastic leap, but the sales are considerably higher with 30 total sales this year so far. 2019 saw 20 in the first two months.

Also seeing an increase this month over last year in February is the average sale price. 2020’s average sale price in February was $468,850, up from last year, but down slightly from January 2020 which was $501,588. There have been 30 sales so far in 2020, 13 of them being in February. The increase in activity on the mountain confirms that sellers and buyers alike are ready to make moves.

If you are ready to list your Big White Ski Resort property now may be the best time to ensure your property has high profit potential. However, if you are looking to buy, the market is showing us that these listings are hot commodities and don’t last long. Contact me today!