May 2011 Kelowna Real Estate Update

Still Room for Improvement
KELOWNA
Oh, yes spring has arrived! We are still looking forward to getting the action from the Lower Mainland to spill over to Kelowna. The prairies are still in winter mode although we had some sales to Albertans. We are competing more and more with Arizona for vacation spots. Nearly one-in-three people in Alberta and British Columbia are interested in buying real estate in the United States, the highest ratio in Canada, according to a survey by the Bank of Montreal.

560 single family homes sold so far this year which is 15% less than last year. In April 2011 only 150 homes sold which makes it the second slowest April in 20 years. For comparison 194 single family homes sold in April 2010, 157 in 2009, 241 in 2008 and 300 in 2007. Only 9.2% of home listings sold compared to 30% in a strong market for Kelowna. The average price in April this year was $477,652 which is holding well. Out of 380 listings over $1 million only 5 properties sold.
As you can see, the market is up and down and only somewhat predictable. We experienced double offers on a $435,000 home. We went to court on a foreclosure listed at $799,000 with an accepted offer of  $780,000 and ended up competing with two more offers and losing it to the highest bidder at $820,000. The irony is, when the home was for sale for $850,000 nobody wanted it. We all know pricing is extremely difficult these days as only 9.2% is of the homes are selling. Buyers are sitting on the fence and are waiting to jump. Like the Royal Bank of Canada’s annual home-ownership survey says: Canadians younger than 35 are most intent on buying a home over the next two years.

Special News
Younger Canadians intent on buying homes — next year as per Financial Post article
read more:  http://natpo.st/kGSNIO

Remember, Good Deals Are Not Found, They Are Made.

Current Market, why the first time buyers are waiting, Kelowna’s competition
Click to view the YouTube video

 

The greatest compliment we can receive are the referrals from our clients, friends and acquaintances.

 

Active Listings: Single Family, Apartments, Townhomes

Number of Sales: Single Family, Apartments, Townhomes

Average Price: Single Family, Apartments, Townhomes
Major Cities Report
Victoria: Real Estate Sales Soften, Prices Steady in April. The number of property sales throughout Greater Victoria softened in April while prices remained steady, showing increases for condominiums and townhomes and minor movement for single family homes. A total of 574 homes and other properties sold in April. Sales so far this year are running 20+ % below last year’s levels, but it is important to remember that sales were exceptionally strong during the first few months of 2010. There were 4,561 properties available for sale at the end of April – up from 4,100 properties available at the end of March. Inventory levels are currently 8% higher than a year ago. The average price for single-family homes sold in Greater Victoria last month was $615,533, down slightly from $619,275 in March. There were 18 single family home sales of over $1 million in April.

Vancouver: Greater Vancouver Housing Market Sees Typical Spring Activity in April. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 % decrease compared to the 3,512 sales in April 2010 and a 21% decline compared to the 4,080 sales in March 2011. Looking back further, last month’s residential sales represent an 8.8% increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 % decline compared to the 3,387 sales in April 2007. The benchmark price for detached properties increased 7.4% from April 2010 to $879,039.

Calgary: Calgary Housing Market Set For Gradual Spring Thaw.
Higher priced homes are selling faster as listings trend down. City of Calgary year-to-date sales declined by 4% compared to the first four months of 2010. The average price of single family homes in the City of Calgary in April 2011 was $479,575, a 4% increase from April 2010 levels. In April 2011, single family home sales were 1,217, while 2,299 listings came to market, a decline of 10% over April 2010 and 25%, respectively.

Edmonton: Local Housing Market Well-Balanced: able to meet reasonable expectations. The all-residential average price decreased $310. to $327,415; down from $327,725 in March. The average price of a single family detached home in April was $379,075 with a median price of $357,000. Residential sales were 1,487, down 7.8% compared to 1,613 in March. Residential listing activity rose from 2,958 units in March to 3,278 units in April. Inventory of homes on the Multiple Listing Service® increased from 6,885 last month to 7,215 as of April 30.

Toronto: Tight Market Results in Strong Price Growth in April. The number of listings has been below expectations so far this year. Increased competition between home buyers has led to an accelerating annual rate of price growth. Tighter conditions resulted in the average April selling price growing by 9% annually to $477,407. The number of listings has been below expectations so far this year. Increased competition between home buyers has led to an accelerating annual rate of price growth.

Single Family Home Average Price 2007 – 2011
Single Family Home Average Price Graph 2000 - 2008
Number of Sold Single Family Dwellings 2007 – 2011
ber of Sold Single Family Dwellings Graph 2005 - 2008
Single Family Listing Inventory 2007 – 2011
Single Family Listing Inventory Graph 2005 - 2008

 

Single Family Listings vs Sales 2007 – 2011
Single Family Active Listings vs Sales Graph 2005 - 2008
Single Family Percentage of Sales to Listing Ratio 2002 – 2011
(Percentage of How Many Listings Sell in a Month)
Single Family Percentage of Sales to Listing Ratio
New Technology: QR Code.  Try it!
Search the app store on your smartphone for aQR Scanner and install that software.Scan the photo to the right with your smartphone.

We use this technology as one more tool to market our listings.

Feature Property
Beauty Lovingly Restored – 2 Blocks to Lake
3 Bedrooms | 1.5 Baths | 1,500 sqft | Built 1947 | $475,000
1977 Knox Crescent, Kelowna South

CARRIAGE HOME POSSIBILITY! Immaculate 3 bedroom classic beauty lovingly restored filled with charm & character. Maple inlaid with mahogany plus fir floors, 3 fireplaces, coved ceilings and chandeliers. The kitchen has tile counter tops and the huge master also has a library/meditation room next to it. The property is fenced on a  manicured lot with detached garage and loads of extra parking even for the RV. This is a fantastic location just 2 blocks to the lake, near school, parks, shopping, and the cultural district.  More pictures and information here.