Kelowna real estate tweets expanded beyond 140 characters

My recent tweets on twitterverse vary about real estate and limited to 140 characters.  First blush it may just appear as real estate mumbo-jumbo.  If so here is an effort to expand beyond twitters 140 characters limit  just in case you have an interest to know more about the Kelowna market place.

• ....."Okanagan sales down -27% and listings -19%".....

The Okanagan Mainline Real Estate Board (OMREB)  includes the Okanagan zones of Shuswap/Revolstoke, Northern Okanagan and Central Okanagan.  OMREB has complied January 2011 stats to show both selling and listing activity was down compared to same month in 2010; -26.74% and 19.10% respectively.  Activity includes business opportunities, commercial, farms, land, leases, lots & acreages, manufactured homes, multifamily, recreation, single family residential and strata.

• ....."Kelowna's cheapest house $195,000 (55+ yrs)".....

Kelowna is included in OMREB's Central Okanangan Zone.

Central Okanagan includes subareas of Beaverdell/Carni, Black Mountain, Big White, Carr's Landing District, Dilworth Mountain, Ellison, Fintry, Glenrosa, Glenmore, Joe Rich, Kelowna North, Kelowna South, Lake Country East/Oyama, Lakeview Heights, Lower Mission, Lake Country West, North Glenmore, Peachland, Rutland North, Rutland South, South East Kelowna, Shannon Lake, Smith Creek, Springfield/Spall, University District, Upper Mission, Westbank Centre, West Kelowna Estates and Westside Road.

City of Kelowna includes the subareas of Black Mountain*, Dillworth Moutain, Ellison*, Glenmore, Joe Rich*, Kelowna North, Kelowna South, Lower Mission, North Glenmore, Rutland North, Rutland South, South East Kelowna, Springfield/Spall, University District and Upper Mission.  *Portions of fall under the jurisdiction of Regional District of Central Okanagan.  The 2006 census for the City of Kelowna was106,000 residents.

OMREB reports 2,103 Kelowna properties listed for sale today.  This includes 286 lots & acreages, 52 manufactured homes, 899 single family residential and 860 strata.  Of the 899 single family residential or detached homes the lowest asking  price is $195,000.

$195,000 list price is for a 995 sf one level detached home in a central Kelowna location.  The single carport, 1988 built residence has 2 bedrdooms and 1 bathroom all sited on lease land (not native) and ownership resstriction is minimum 55 years of age.

• ....."A return of 2007-2008 in the cards?".....

To date, annually 2007 realized the greatest number of Kelowna home sales: 2,061 in contrast to 1,245 in 2010 and 1,174 in 2000.

To date, annually 2008 was the highest average home price: $546, 452 in contrast to 2010's $534, 877 and $202,193 in 2000.

For Kelowna the yearly double digit average  house prices % increments started around 2002 and continued till 2007 (+10.6% 2002; +15.8% 2003; +20.7% 2004; +14.3% 2005; +24.6% 2006; +15.5% 2007; +7.65 2008; -9% 2009; +8.27%).  As you see Kelowna has had a good run for quite a few years, then there was a haircut in 2009 so-to-speak but short lived as average price increased for 2010, not double digit but an increase and more than modest.

• ....."Kelowna real estate prices surged 8.42% a year for more than a decade".....

Kelowna real estate price rose from $168,551 in 2000 to $410,302 in 2010 ---- for a compounded rate of return of 8.42% each year.  In comparison Canada earned 6.8% over the same time.  Have a look at other cities across Canada fared over the past 10 years:

Compared to other Canadian cities where there January real estate markets jumped out the gate Kelowna's new year start is a bit slower to January 2010.  Single family resiidential sales are down -15.5%, manufactured homes up +300%, lot & acreages -42.8% and strata -23.8%.

Overall Kelowna's January 2011 versus 2010 Kelowna sale acitivty is less by 18.7%.  Analysts are suggesting sales figure numbers overall will be off  2010's however housing values will continue to inch up in 2011.

Interest rates have recently risen a titch but still are historically low.  As well Kelowna's inventory levels is a bit less than last year but still offers a good selction of choice in all types of properties whether lots & acreages, manufactured homes, single family residential or strata (condominiums and townhomes).

So bottomline there are definite merits to home owership - make sure you can afford to own it no matter what the market is doing!

Welcome your discussion: june@juneconway.com