There are a total of 63 foreclosures amongst the entire listing inventory.  That is an overall change of 4 listings to the overall inventory from October,2009 to November,2009. 

Current foreclosures of all Central Okanagan listings represent 1.53% of the total listing inventory! 

The breakdown is as follows:

3 Lots and Acreages ($115,000 and $590,000) plus one pending sale

41 Single Family Residential ($250,000 to $2.295 Million) plus one pending sale

17 Strata Properties ($229,900 to $999,000)

There were some dramatic changes to the Central Okanagan foreclosure inventory this past month.  There are eleven more residential homes on the market over September, which is a 36.67% increase!  Strata based properties saw the reverse with a -29.4% decrease or five less listings.  Currently, there are two pending sales on Kelowna foreclosure properties with one being a $270,000 building lot and the other a $1.699,000 residential home.

In terms of October foreclosure sales there were a total of eight for the month.  One Glenrosa residential home sold for $302,500 after being on the market for 118 days at $314,000.  Five strata sales ranging from $199,900 to $654,000 sold this past month. Two of these resulted in sales for over list price, which essentially means a bidding war or auction environment was created by the courts.  Another two of these properties sold for 100% of list price.  Of note two of these strata titled properties were located in Big White Ski Resort.  Of the remaining properties the highest discount agreed to by the courts was -15.7% off of list price.

The continuing trend of foreclosure properties are selling at or near list price!  Bottom line is investors and first time home buyers are starting to battle it out in the courts for these properties and it is causing bidding wars to take place.  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 jason.neumann@century21.ca

Sincerely,

Jason Neumann