There are currently 78 foreclosures amongst the entire listing inventory for the Central Okanagan. There continues to be a trend of month to month increases in inventory levels of homes that are now in the foreclosure process.
The breakdown is as follows:
There were some more dramatic changes to the Central Okanagan foreclosure inventory this past month. The month of November and now December saw a fairly substantial increase in stratified properties hitting the marketplace. There are now 35 strata foreclosure properties whereas in October there were just 17 total. The driving force for this sharp increase has been the introduction of 20 strata titled condos from a single multi-family project in Lake Country. If you were to back these new listings out, it is safe to say that this segment of the market has levelled off for the time being. Currently, there is one pending sale in the above mentioned Lake Country multi-family project.
In terms of November foreclosure sales there were a total of 12 for the month. One building lot sold in West Kelowna for $245,000 from a list price of $270,000 after being on the market for 40 days. There were 11 residential home sales ranging in value from $289,000 to $1,437,500 with the overall average days on market reaching 117 days.
Of note there were 4 homes that sold for over list price, here's their breakdown:
- A 4 bed/2 bath 1900 sq/ft. 1970's built home in Glenrosa listed for $279,000 sold 163 days later for $289,000.
On the other side of Okanagan foreclosures are the homes that didn't fair as well in the courts, here are two notable sales:
- A 3 bed/5 bath 6121 sq/ft. brand new home in West Kelowna listed for $499,000 sold 96 days later for $460,000. That is a 8.47% discount off of list price, where a typical Okanagan residential home sale has a 3-5% reduction occur during negotiations.
- A 4 bed/3 bath 2596 sq/ft. 2003 built home in the Lower Mission listed for $598,000 sold 163 days later for $552,000. That is a 8.33% reduction off list price for this spectacular home.
Current foreclosures of all Central Okanagan listings represent 2.04% of the total listing inventory!
Bottom line is there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices. Investors are a savvy bunch and will patiently wait for the preverbial deal to come to them. As I mentioned above some buyers going to purchase these "Court Ordered Sales" are starting to battle it out in the courts and as a result are creating bidding wars in the process. It is important to understand the foreclosure process and how the court system works for buyers interested in purchasing one of these properties.
If you would like more information on the court process or a detailed list of current foreclosures in Kelowna and/or its surrounding areas please contact me at (250) 808-7700 or firstname.lastname@example.orgMerry Christmas and Happy New Year!Sincerely,Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301 -2121
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