Best July in 3 Years for Kelowna!

Best July in 3 Years!
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Kelowna Market Update

Wow, what a summer so far! We had lots of rain in June, a beautiful July, and now it is already August and the summer is half over.

As I speak to the boat and car dealers, I hear the same trend lines as we experience in real estate. The upper end is doing well. 12 properties sold over $1 Million in July, but extremely interesting is also the fact that 85% of all of the SFD (Single Family Dwellings) are selling under $600,000.

We noticed a significant increase in sales of single family dwellings (SFD) in July. In fact, 210 SFD sold, that is 40% higher than July 2011. We also finally broke through the 20 year average for number of sales of Single Family Dwellings again.

Our listing inventory decreased, which helped to increase our sales-to-listing ratio to an all time high of 12.4% since 2009, but we are still in a buyers market and looking forward to a balanced market. Well, I must say, the numbers don’t lie, the Central Okanagan had its best month since 2009.

Regarding our prices, I think our properties are now more affordable compared to other major cities in Canada. I had a long discussion with an appraiser and we agreed, that we still have a lot of pressure on price, based on the supply and demand formula. The good news is, we also see improvement on the horizon.

Kelowna is a great place and people will want to live here. The baby boomers will keep on coming.

Watch Wolf and Colin’s YouTube Market Update

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

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:

Activity Continues in Favourable Victoria Real Estate Market Conditions
Real estate activity continues to be steady in Greater Victoria, reflecting favourable conditions attributed to stable pricing, low interest rates and good selection. During the month, 293 single family homes sold throughout the Victoria Real Estate Board’s region, on par with the 283 sold in July 2011. The average price for single family homes sold in Greater Victoria last month was $580,563, up slightly over July 2011’s average was $574,717.

   
Vancouver:

Greater Vancouver Housing Market Hits Summer Lull
Residential property sales in Greater Vancouver remained at a 10-year low in July, while the number of properties being listed for sale continued to edge down and prices remained relatively stable.
The Real Estate Board of Greater Vancouver (REBGV) reports that there were 2,098 residential property sales of detached, attached and apartment properties in July. That’s an 18.4% decline compared to the 2,571 sales in July 2011 and an 11.2% decline compared to the previous month’s 2,362 sales.
July sales were the lowest total for that month in the region since 2000. They were 31.2% below the 10-year July sales average of 3,051.
The MLS® Home Price Index (MLS®HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 0.6% to $616,000 and declined 0.7% compared to last month.

   
Calgary: Calgary Bucks National Trend
Double digit year-over-year sales growth demonstrates differences between city and national trends. Year-to-date City of Calgary sales totaled 13,684, a 16.5% increase over the same time in 2011. Lower inventory, combined with increased sales, has resulted in stronger than anticipated price gains. The single family benchmark price reached $432,400 in July, a 7.8% increase over 2011, but on average only 5% higher on a year-to-date basis.
   
Edmonton: Consumer confidence results in higher unit sales in July
Very interesting Edmonton reports.
There have been 64 sales of properties over $1 million so far this year as compared to 66 in all of 2011. Those top end properties sometimes take over a year to sell but the average DOM is just 72 days; down from 78 last year.
   
Toronto:

GTA Home Prices Up in July
The average selling price in July 2012 was $476,947 – up by 4% compared to July 2011. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 7.1% year-over-year. The GTA housing market became better-supplied in recent months. Buyers benefitted from more choice in the market place, resulting in less upward pressure on the average home price in July.

   
Single Family Home Average Price 2009 – 2012

Single Family Home Average Price Graph 2000 - 2008

 

Number of Sold Single Family Dwellings 2009 – 2012

ber of Sold Single Family Dwellings Graph 2005 - 2008

 

Single Family Listing Inventory 2009 – 2012

Single Family Listing Inventory Graph 2005 - 2008

 

Single Family Percentage of Sales to Listing Ratio 2006 – 2012
(Percentage of How Many Listings Sell in a Month)

Single Family Percentage of Sales to Listing Ratio

 
Featured Property
 
No Step Townhome – Exceptional Location

2 Bedrooms | 2 Baths | 1,070 sqft | Built 1992

111-1480 Terai Road
Asking $199,800

Rutland South MODERN Renovated 2 bedrooms, 2 baths quiet 1070 sq.ft. no steps townhome. Boasts wide plank laminate and tile floors, 6 appliances, 4 piece en-suite, walk-through closet. Located behind Costco, steps to school and park.

More pictures and information here.

250-868-8000
info@wolfhomes.com
RE/MAX Kelowna
#100 – 1553 Harvey Av.
Kelowna, BC, V1Y 6G1

Each Office Independently Owned and Operated.