February 2013 Update – Buyer Survey Facts, Astonishing!



Positive Signs on the Horizon
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Great News

A national survey, hosted on the Angus Reid Forum in December for RE/MAX Canada focused on consumer demographics and buyer intentions. The survey provides a snapshot of Canadian homebuyers heading into a period of moderation. Among the key findings:

Over 80% of buyers believe housing values in their area will rise or remain the same.
25% of the purchasers are single.
More than two-thirds are second or multi-time purchasers.
7 out of 10 purchasers have a downpayment of 20 per cent or more.

Kelowna January 2013 News
Kelowna And Area Single Family Dwellings (SFD) Activity
Sales in the Single Family Dwellings (SFD) reached 107 in January which is 5% above 2012 and just below our 21 year average, of 116 sales.
Listings show a slight decrease to a total of 1,196 which is 5% lower than last year’s January.
Percentage of Listings vs. Sales. We are still clearly in a buyer’s market at only 9% of the listing inventory selling, but it improved over Jan 2012 at 8.1% and Jan 2011 with only 7.7% of the inventory selling. 9% of listings selling equals to 11 months of inventory, where a balanced market starts at about 15% of inventory selling in one month or a 6 month inventory supply.
Average Price Holding Steady
The average price here in Kelowna was $465,292 last month which is above last year’s January by 12%, but almost identical to the 2012 year average at $465,914.
Million $ Plus
The MLS system shows 6 residential properties sold in January over $1 Million. These were: 2 Acreages, 1 Townhome, 1 Lakeshore Strata and 2 Single Family Dwellings sold with one selling for $3.1 Million.

Conclusion
2013 looks like it is starting out pretty good, nevertheless with only 9% of the inventory sold, it is nothing to get too excited about. There is still lots of room for improvement, but we are also finding that people are getting more optimistic now and spring is just around the corner.

According to a survey published by RE/MAX in Canada, of the buyers planning on spending $500,000 to $1 million, almost half resided in Ontario, while the remaining 50% were almost evenly divided between British Columbia and Alberta.

 
Watch Wolf and Colin’s summary of RE/MAX’s buyers survey.

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:

Sales Down But Prices Hold In Greater Victoria Real Estate Market
A slow start to the year in Victoria’s real estate market is evidence that buyers are continuing to wait for prices to drop. Although January 2013 sales are 21% lower than January 2012, the six-month average price for a Greater Victoria home is only down 1% for the same period.
3 Single Family Dwellings sold over $1 million

   
Vancouver:

January Home Sales Remain Quiet
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,351 on the MLS® in January 2013. This represents a 14.3% decrease compared to the 1,577 sales recorded in January 2012, and an 18.3% increase compared to the 1,142 sales in December 2012. Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.9% to $588,100. This represents a 2.8% decline compared to this time last year.

   
Calgary:

Calgary’s Resale Market Continues To Improve
Residential real estate sales in the city of Calgary started the year on a positive note, increasing by 15% over the same month in 2012.
Total sales were 1,230 units, a significant increase over the
1,068 units last year. But sales remain well below January
levels recorded through the peak years of 2003 – 2008. Average single family prices are showing improvement over January 2012, increasing by 12.7% to $496,579. According to the Calgary Real Estate Board, there were 21,207 MLS sales in Calgary in 2012 at an average sale price of $428,655, eclipsing the previous record of $423,770 in 2007 when there were 26,611 transactions.

   
Edmonton:

Local Housing Market Continues to Grow
Year-over-year average prices and sales were up for most types of residential property in the Edmonton Census Metropolitan Area (CMA) in January. Single Family Dwelling (SFD) average prices were down 1.93% from December but up 7.7% when compared to January 2012. The all-residential price was up year-over-year at $328,525 (up 2.5%). The average price for an SFD was $399,832.

   
Toronto:

Positive Start to 2013
The January sales figures represent a good start to 2013. While the number of transactions was down slightly compared to last year, the rate of decline was much less than what was experienced in the second half of 2012. The average selling price for January 2013 sales was $612,252 for SFD and all residential was $482,648 – up by 4.3% compared to $462,655 in January 2012.

   
Single Family Home Average Price 2010 – 2013

Single Family Home Average Price Graph 2000 - 2008

 

Number of Sold Single Family Dwellings 2010 – 2013

ber of Sold Single Family Dwellings Graph 2005 - 2008

 

Single Family Listing Inventory 2010 – 2013

Single Family Listing Inventory Graph 2005 - 2008

 

Single Family Percentage of Sales to Listing Ratio 2009 – 2013
(Percentage of How Many Listings Sell in a Month)

Single Family Percentage of Sales to Listing Ratio

 
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