October Kelowna Real Estate News

Strong September for Canada with record months!
KELOWNA: Here in Kelowna, we are seeing a strong rebound. The market has clearly recovered and now appears to be very stable. Although sales were not at record levels in September, they compared favorably with sales from 2002 and up to 2007 which were all over 200 for single family dwellings. Inventory is coming down slowly and is now at 1,582 for single family dwellings. 

Our highest average price was in April 2008 at $552,830 just before the market changed and last month it came in at $464,131 which is about 20% lower.  However, it is only about 7% below the highest yearly average price of single family dwellings. Lot sales are still very slow with only 11 sales out of 875 listings selling. Townhomes do better with 62 sales out of 495 listings meaning 12.5% sold. 1,117 apartments are for sale on MLS and only 74 sold last month which means 6.6% is sold and we are still seeing more inventory coming up.

Our activity in single family dwellings is still in the lower price range meaning half a million and less. With the activity rising in the Prairies and the Lower Mainland including Victoria, we are looking forward to a steady winter and a very strong spring.

Fall in Kelowna

 

 

Great deals can still be made!

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Active Listings: Single Family, Apartments, Townhomes

Number of Sales: Single Family, Apartments, Townhomes

Average Price: Single Family, Apartments, Townhomes

Major Cities Report
Victoria: Property sales highest in 17 Years for the month of September. The average price for single family homes sold in Greater Victoria last month was $619,936, up from $596,498 in August.

Vancouver: Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September. Since the beginning of the year, The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13% to $547,092 from $484,211.

Kelowna: We are seeing a strong rebound. Sales are strong, inventory is slowly shrinking. Our average price found the new foundation in the mid $400,000 level. We are looking forward to a steady winter and a very strong spring.

Calgary: Home prices show signs of stability. The average price of a single family Calgary metro home in September 2009 was $459,085. This shows an increase of 1% from August 2009, when the average price was $454,130, and showing an increase of 3%from September 2008, when the average price was $444,048.

Edmonton: Resale housing prices bounce back up with strong September sales. The strong sales also boosted prices of both single family and condominium properties. The average price of a single family dwelling was $371,947 .

Winnipeg: FIRST RECORD SALES MONTH IN 2009; the best September in 106 years. This result shows the Winnipeg real estate market has returned to its former glory with healthy market activity. For residential-detached sales, the most active price ranges were the $150,000 to $199,999 and the $200,000 – $249,999. They represented 24% and 21% respectively, of total residential-detached sales.

Toronto: Housing market rebound continues in September Greater Toronto. REALTORS® reported 8,196 sales, up 28% from September 2008. The average price for September transactions was $406,877 – up by 10% compared to the same month last year.

Single Family Home Average Price 2000 – 2009
Single Family Home Average Price Graph 2000 - 2008
Number of Sold Single Family Dwellings 2005 – 2009
ber of Sold Single Family Dwellings Graph 2005 - 2008
Single Family Listing Inventory 2005 – 2009
Single Family Listing Inventory Graph 2005 - 2008

 

Single Family Active Listings vs Sales 2005 – 2009
Single Family Active Listings vs Sales Graph 2005 - 2008
Single Family Percentage of Sales to Listing Ratio 2002 – 2009
(Percentage of How Many Listings Sell in a Month)
Single Family Percentage of Sales to Listing Ratio
Feature Property
Bright Modern Rancher with Walkout BasementPriced to Sell!

 

5 Bedrooms + Den  | 3 Baths | 2,800 sq ft | $549,800

Upper Mission – 5214 Cobble Crescent

Wow, check out this bright rancher with full walkout basement. It boasts 9 ft. ceilings, 5 spacious bedrooms and 3 bathrooms. The fully finished basement is already roughed in for suite including its own laundry room. It offers many impressive features such as wide wood trims on doors and windows, oak and tile flooring, gourmet kitchen with maple cabinetry, walk-in pantry and slate backsplash. It also boasts view deck, covered patio, French and garden doors all this and more complete with lake views in a private setting.

More pictures, 360 tours and information here.