October 2012 News: An Ogopogo Market



Wow! Look at the Market!
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Kelowna Market Update

September 2012
Unbelievable sunshine in September, and what a roller coaster in real estate, up, down and sideways, just like Ogopogo. For the first time this year, the monthly unit sales are below the same month last year for single family homes, townhomes and apartments.

Talk about peaks and valleys! August sales were up 27% and September sales were down 25% compared to the same months in 2011. That is a tremendous swing in the course of 60 days! With only 116 homes sold in September, that makes this the slowest September in 20 years. Now compare this to the previous month which was the busiest August (183 sales) since 2007 in SFD sales.

The numbers are the numbers and we are still up 7% year to date compared to 2011. Interesting facts: 19 properties sold over $1 million in August and only 6 sold in September. But, already 7 sold so far in October (as of the 10th).

Kelowna and Area Single Family Dwellings (SFD) Activity Sales in the Single Family Dwellings (SFD) reached only to 116 in September which is 25% below 2011 and is way below our 20 year average which is 181 sales.

Listings show a slight increase to a total of 1,616 which is 2% higher than last year’s September but much higher than the middle 2000s which were around the 900 mark.

Percentage of Listings vs Sales
We are still clearly in a buyer’s market at only 7.2% of the listing inventory selling.

Average Price Holding Steady
The average price here in Kelowna was $488,788 last month which is certainly below last year’s September, but all in all very steady and just about identical to August at $488,109.

Watch Wolf and Colin’s YouTube Video, Renting vs Buying

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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:

Victoria Real Estate Market at a Standoff as Prices Remain Steady
REALTORS® across Vancouver Island are experiencing a “wait and see” attitude amongst buyers and sellers alike. The result? Prices remain steady but sales numbers are down in some categories.
Total MLS® residential sales for September 2012 were 400 compared to 435 in September 2011. During the month, 216 single family homes sold throughout the Victoria Real Estate Board’s region, just 28 fewer than the 244 sold in September 2011. The average price for single family homes sold in Greater Victoria last month was $589,361, down from September 2011’s average of $622,393. The median price is down by $16,500 to $517,500 over September 2011. There are 5,025 active listings.14 Single Family Dwellings sold over $1 million

   
Vancouver:

Conditions Continue to Favour Buyers in the Greater Vancouver Housing Market
The summer of 2012 drew to a close in September with home sale activity well below historical averages in the Greater Vancouver housing market. Residential property sales of detached, attached and apartment properties reached 1,516 in September, a 32.5% decline compared to the 2,246 sales in September 2011 and an 8.1% decline compared to the 1,649 sales in August 2012 . September sales were 41.6% below the 10-year September sales average of 2,597.
The MLS HPI® composite benchmark price for all residential properties in Greater Vancouver is $606,100. This represents a decline of 0.8% compared to this time last year and a decline of 2.3% over last three months.

   
Calgary:

Calgary Area Sales and Price growth Continue, Despite National Trends
Residential sales activity continues to improve in the Calgary area, as year-over-year sales for the month of September increased by 11%. Single family sales activity is rising, even though new listings are steadily declining. The total number of active listings has slightly improved over August.
As of September, the benchmark single family home price totaled $432,900.

   
Edmonton:

Residential Housing Market Cools in Third Quarter
In September, there were 1,269 residential sales in the greater Edmonton market as compared to 1,442 in September 2011. Despite the recent cooling trend, residential sales year-to-date are still up 7.2% as compared to last year at this time. The average price for a single family dwelling (SFD) has remained higher than last year for each of the past nine months. In September, the SFD average price of $376,678 was up just 0.23% from the previous year and is up 2.78% from the January price.

   
Toronto:

Strong Average Price Growth in September
September average selling prices were up compared to last year for all major home types. Price growth was strongest in the City of Toronto, including for condominium apartments with 8% year-over-year growth. All benchmark home types included in the MLS® Home Price Index (MLS® HPI) experienced year-over-year price increases, with substantially stronger increases for low-rise home types. The average selling price for these transactions was $503,662, representing an increase of more than 8.5 %.

   
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

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

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