What made September a Record in Kelowna Real Estate?

Highest average sale price for any September in Kelowna.

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Kelowna Market Update 
Highest average sale price for any September in Kelowna.
12 properties including condos and acreages sold here in Kelowna over 1 Million Dollars. This is very good activity, and is one of the reasons the average price went up. The better picture is reflected in the median price (what is a median price?) which came in at $427,000; just $2,000 more than last year. The year-to-date average price is just 2% below 2010. In the unit sales, we are still slow with 145 Single Family Dwellings selling,which is up month over month but YTD is very similar to last year. Listings are down by 4.7%. That is helping to bring the list-to-sell ratio (% of how many listings sell in a month) up a little to 9.1% which is still extremely low. Nevertheless, it is an improvement and a step in the right direction.

Kelowna and all the world is affected. Did you notice how fast the price of gold dropped from $1,900 down to $1,600 an ounce? Oil dropped by 20% and our dollar dropped as well. I find it amazing how a small country like Greece can make so many waves. Did you know the European Union is over 500 Million people and all of Greece is only 11 Million; that is only a total of 2% of the EU. Incredible!

During September, overall sales improved 25.42% over last year (to 296 units from 236) and were up 3.4% from August (286), with sales volumes of $121 million compared to $94.7 million in 2010. Total residential sales last month climbed 25.23% compared to September 2010 (to 278 units from 222)  up 7.33% over August (259).Single family home sales rose 16% over last year (145 compared to 125) up 9.84% from the 132 homes sold in August. Inventory was up slightly (0.14%) over 2010 (to 4,986 units from 4,979), but new listings for the month were down 4.7% from last September (832 compared to 873).

This is still a great time to buy real estate!

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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: Real Estate Sales Ease in September.
Real estate sales activity softened throughout Greater Victoria last month with a total of 458 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 542 sales in August. Sales last month were, however, 16 % higher than the 395 sales in September of last year. 17 single family homes sold for over $1 million in September. Inventory levels currently are 14% higher than a year ago. The average price for single-family homes sold in Greater Victoria last month was $622,393, down from $652,841 in August.

Vancouver: Home Listings Continue to Rise in the Greater Vancouver Housing Market.
Consistent increases in property listings and fewer home sales over the summer months has helped move the Greater Vancouver housing market into the upper end of a buyers’ market. New listings for detached, attached and apartment properties in Greater Vancouver totaled 5,680 in September, the third highest volume for September in 17 years. This represents a 20.1% increase compared to September 2010 when 4,731 properties were listed for sale on the MLS® and a 21.2 % increase compared to the 4,685 new listings reported in August 2011. “The sales-to-active-listing ratio currently sits at 14%, which is the lowest it has been this year. The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.8% to $627,994 in September 2011 from $577,174 in September 2010.

Calgary: Homebuyers’ Confidence Holds Steady Despite Global Turmoil
Single family home sales totaled 1,036 for the month of September, 2011.This represents an 8% increase over last September. Year-to-date sales totaled 10,518 units a 10% increase over last year. The average price of single family homes for the month of September, 2011 was $466,167, while the median price was $400,000.

Edmonton: Local Housing Market Figures Make Homeowners Smile.
Compared to prices on December 31, 2010, a single family dwelling has increased on average 5.1% and a condo has increased 4.7%. The average price for a single family detached home in September was $375,738. There were 1,345 residential property sales in September and with 8,062 homes currently on the market, the buyer has lots of choice.

Toronto: September Rounds Out a Strong Third Quarter.
Greater Toronto REALTORS® reported 7,658 transactions through the Toronto MLS® system in September – that is a 25% increase over September 2010. While sales have been strong, they have continued to experience a shortage of listings, resulting in more competition between home buyers.

 

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 Percentage of Sales to Listing Ratio 2005 – 2011
(Percentage of How Many Listings Sell in a Month)

Single Family Percentage of Sales to Listing Ratio

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info@wolfhomes.comRE/MAX Kelowna
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Kelowna, BC, V1Y 6G1
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