Okanagan Real Estate Market Picking Up!
After getting hit with the recession, HST and tightened mortgage rules, the Okanagan real estate market is finally recovering at a rapid pace. I am starting to see bidding wars again on property. Foreclosures are down by almost 45%! Add to that the fact that interest rates are going back down again (I called that from day one - rates can't be increase while the world economy is still in a massive recession!), the largest section of Baby Boomers will retire between 2014-2020 (a large portion of these people are planning on retiring to the Okanagan), and you can see why the Okanagan is turning into a HOT market!
If you have been sitting on the fence waiting to buy you really need to go see your realtor and mortgage broker TODAY and come up with a solid plan ASAP or you will miss out on the current deals. You'll kick yourself in a year when you see prices raising and you're still stuck renting.
Here is a quick look at the numbers:
Peachland to Lake Country: During January, overall sales were up 6.4% to 233 units from 219 in 2013. Total detached sales improved 4.1% to 205 units. The 762 new listings were down 1.0% compared to 2013, while total inventory fell 11.5% to 3,422 units.
Predator Ridge (Vernon) to Enderby: Overall sales for January rose 140.8% to 118 units compared to 49 units sold last year at this time. Total residential sales improved by 93.2% over last year with 85 units sold (up from 44). The 295 new listings for the month were up 38.5% from 2013, inventory for January saw a 10.2% drop to 1,763.
Salmon Arm to Revelstoke: January overall sales rose 22.2% to 44 units compared to 36 in 2013. Total residential unit sales for the month stayed the same as last year at 32 units. New listings were down 5.3% compared to last January (to 144 units from 152). However, overall inventory remained stable at 1,344 compared to the same month in 2013.
*If you are not ready to buy this week, month or even this year, you still should contract your realtor, provide them with your wish list for your ideal property and have them set up an automated email for you where you get updates on properties that fit your criteria so you can start learning the market, figure out what areas you like, understand what you can afford, etc. I set up automated emails almost every single day for clients. I can set up automated emails for foreclosures, houses with suites, certain price range, etc. I do not charge to set up automated emails. If you think you are going to buy anytime in the future call me and I can set up an automated email to help you get on track:
Lake Okanagan Realty
506 Doyle Avenue
Kelowna, BC V1Y 6V8