Where did the Kelowna Real Estate Buyers come from in December 2011?

Hi All,

The results of OMREB's December 2011 Buyers Survey are in.  

A total of 103 respondents participated in this survey – representing 48.6% of the 212 OMREB sales representatives who acted as Buyers Agents and 38.7% of the 266 deals closed on behalf of Buyers in December. 

DECEMBER 2011 SURVEY SUMMARY

Property Type:23.8% of purchases were by Move-Up Buyers
21.8% buying Revenue/Investment Property
19.8% by First Time Buyers
8.9% moving from Single Family Home to Strata Unit
7.9% Recreation Property Buyers
5.0% moving from Strata property to Single Family Home
3.0% moving into Retirement Home/Seniors Community

It is interesting to note that the number of revenue and investment property purchases improved significantly and rose to second on the list for December (from fourth) – pushing first-time buyers down to third place.   

Reported purchases of recreation properties saw a noticeable improvement as well.

Moving From:
68.9% from Within OMREB Board Area
12.6% from Alberta
8.6% from Lower Mainland/Vancouver Island
2.9% from Other Areas in BC
2.9% from Saskatchewan/Manitoba
2.9% from Outside Canada
1.0% from NWT/Yukon (third month reported)
0% from Eastern Canada/Maritimes

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

Kelowna Real Estate Update January 2012

Hi All,

First and foremost may I take this opportunity to wish everyone a Happy New Year!

If you were reading the news and following my blog throughout last year you will know that Kelowna Real Estate went through another tough year.

Sales numbers in 2011 were up on 2010, but it remained a Buyers Market, as can be seen in the chart below showing the Months of Inventory available.

The good news for Sellers is that these numbers are falling, and providing we doesn't see a big increase in new inventory during the spring, we should see things moving closer to a more balanced market.

Other points to note are that the number of days to sell a property in 2011 compared to 2010 did vary according to category -:

                                            2011          2010

Single Family                      90                80

Condos                                115              118

Townhomes                       108              100

Lots                                     189              236

There was a modest increase in the number of days to sell Single Family and Town Homes while the was a fall in time to sell Condos and a big improvement for Lots.

Central Okanagan Sales Numbers December 2011

Date	Total	S/Fm	Strata	Lots	Manuf
Dec-11*	171	110	52	6	3
Nov -11	255	145	89	9	12
Oct -11	265	147	87	12	19
Sep -11	289	158	105	11	15
Dec 10	157	93	46	10	8

*Figures are as at close of business 31st December 2011, and may be subject to slight change.

As you can see from the table above, sales were well down in December compared to November, but up on the previous year. This is quite normal for the Central Okanagan.

My Kelowna Real Estate Forecast for 2012

For those of you who may have missed my Real Estate Forecast for 2012, I have attached a link to my article  http://www.trishcenci.blogspot.com/2011/12/kelowna-real-estate-forecast-for-2012.html

Please Help me with you Feedback!

I know that everyone has busy schedules , but I do want to ensure that I keep my blog posts relevant and informative.

Please would you just take a couple of minutes to e.mail me with you comments on my blog, whether it is just to say that you find it helpful, or whether there is something else you would like to see included? My e.mail address is trishcenci@shaw.ca

Thank you in advance, as this will be really helpful!

Kind Regards

Trish Cenci

Tel 250 864 1707

Kelowna Real Estate - OMREB Buyers Survey Results - December 2011

The results of OMREB's November 2011 Buyers Survey are now posted! A total of 139 respondents participated in this survey – representing 43.4% of the 297 OMREB sales representatives who acted as Buyers Agents and 35.2% of the 395 deals closed on behalf of Buyers in November.

NOVEMBER SURVEY SUMMARY

Property Type:

22.1% of purchases were by Move-Up Buyers
22.1% by First Time Buyers
13.2% moving from Single Family Home to Strata Unit
6.6% buying Revenue/Investment Property
5.1% moving from Strata property to Single Family Home
3.7% moving into Retirement Home/Seniors Community
3.7% Recreation Property Buyers

Moving From:

58.7% from Within OMREB Board Area
4.3% from Other Areas in BC
14.5% from Alberta
12.3% from Lower Mainland/Vancouver Island
4.3% from Other Areas in BC
3.6% from Saskatchewan/Manitoba
3.6% from Outside Canada
2.2% from Eastern Canada/Maritimes
0.7% from NWT/Yukon (second month reported)

First Time Buyers and Move- Up Buyers continue to be the main players in the market, as they are still taking advantage of lower prices and lower interest rates.

Kind Regards

Trish Cenci

Tel 250 864 1707

Kelowna Real Estate Update February 2012

Hi All,

January has traditionally been a quiet month in terms of showings and general real estate activity, in Kelowna and the Central Okanagan.

This year, however, I have seen a sharp increase in viewings on properties at all price points and much higher than normal web activity. Other agents are also reporting a similar story.

In looking at the real estate sales figures at the month end, this level of activity has not transferred into increase sales  yet, but I will not be surprised to see an increase by the end of February.

Central Okanagan Sales January 2012

Date	Total	S/Fm	Strata	Lots	Manuf
*Jan - 12	202	113	65	12	12
Dec -11	171	110	52	6	3
Nov -11	255	145	89	9	12
Oct -11	265	147	87	12	19
Jan 11	200	115	66	9	10

*Accurate as at 31 Jan 2012 - may be subject to slight change.

Q1 Real Estate Forecast from BCREA

In case you missed it, the BC Real Estate Association published their Q1 Real Estate Forecast for BC last week. To read the full details please view my Blog Post http://www.trishcenci.blogspot.com/2012/01/hi-all-to-keep-you-up-to-date-with.html

For the Okanagan they are forecasting sales will be up 4.1% in 2012 & MLS® sales prices will increase by a very modest 0.6%.

News for the Quail Ridge & UBCO Area

For those of you who already know me, you will know that I have a real estate office located in the Quail Ridge area, which I share with Tanis Read.

As we have many Buyers and Sellers who are interested in Quail Ridge and UBCO, Tanis and I have just launched a new web site specifically for that area. If you have a moment, do please take a look – www.quailridgerealestate.com  and let us know what you think!

Other news from Quail Ridge – we have learnt this week that we are a step closer to receiving a new bus service to the area from September 2012.

We did write to the City of Kelowna last week and received their confirmation on this, but we will need to wait until budgeting is completed in May to know for sure.

This will be particularly good news for some of the student residents in the condos in Via Centrale and Country Club Drive, who are currently walking to school.

Summary

If you are thinking of buying real estate in the Kelowna and Central Okanagan area, now may be the time to start looking seriously.

We will start to see more inventory coming on the market as spring approaches, and pricing will have to be competitive to entice Buyers.

That being said, if sales start to increase, we will move from a ‘Buyers Market’ to a more balanced market, and that is when prices will start to firm up.

As ever, if you have any questions you would like answered, please do not hesitate to give me a call or email me.

Kind Regards

Trish Cenci
Tel 250 864 1707
Email trishcenci@shaw.ca