March 2013 – Kelowna Real Estate Market Update



Kelowna Real Estate Market Update
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Great News

Kelowna February 2013 News
Good news! Fantastic long term mortgage rates below 3% are making real estate more affordable!
We are noticing more showings on our listings. We were showing homes in the $400K range the other day and at one of the properties we had 2 showings at the same time and at a different property had 3 showings at the same time. This is not something we have experienced too often in the recent past, we are also hearing about several double offers. We are looking forward to the great weather and that spring will spark more activity.
It is also important to be realistic and the numbers are the numbers, whether we like it or not. We are still very clearly in a buyers market with only 8.6% of the listing inventory of single family dwellings selling. Townhomes sit at 7.7% and for apartments it is even lower, only 5.5% of the inventory sold last month. The average of everything in Kelowna is 7.9%, Calgary is 27% and Vancouver comes in at 12.2%.

Kelowna And Area Single Family Dwellings (SFD) Activity
Sales in the Single Family Dwellings (SFD) reached 114 in February which is 12% below February 2012 and below our 21 year average, of 155 sales.
Listings show a slight decrease to a total of 1,320 which is 2% lower than last year’s February.
Percentage of Listings vs. Sales. We are still clearly in a buyer’s market at only 8.6% of the listing inventory selling, which fell below Feb. 2012 by 1%.
Average Price Holding Steady
The average price here in Kelowna was $415,845 last month which is below last year’s February by 5%, but Year to Date we are at $439,786 and up by 2.8% over 2012.
Million $ Plus
The MLS system shows that only two residential properties sold in January over $1 Million. These were: 1 Acreage and 1 Single Family Dwelling.
Conclusion
The signs are on the horizon and hinting to a strong spring market with fantastic mortgage rates and a booming Calgary market! This is a great time to buy real estate in Kelowna!

The latest trend in swimming pools is no longer infinity pools, but natural pools. These are chlorine-free pools that look like large ponds. Often they have aquatic plants like water lilies and lotuses. Some even include fish and toads to make man-made “ponds” look like the real thing. They are considered to be better for the environment and for our health due to the lack of chlorine and costs less to maintain.

 
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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:

Spring Perks Up Greater Victoria Real Estate Market
394 sales were processed through the Multiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The median price of a single family home is $505,500 compared to $530,250 in February 2012, a decrease of 4.67%. The six-month average shows an increase of less than one percent year-over-year, and a less than one percent decrease over last month
11 (3 over $2 million) Single Family Dwellings sold over $1 million

   
Vancouver:

Home Sales Continue at Below Average Pace
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,797 on the Multiple Listing Service® (MLS®) in February 2013. This represents a 29.4% decrease compared to February 2012, and a 33% increase compared to January 2012. Last month’s sales were the second lowest February total in the region since 2001 and 30.9% below the 10-year sales average for the month.
The sales-to-active-listings ratio currently sits at 12.2% in Greater Vancouver, a 2% increase from last month.
Sales of detached properties in February 2013 reached 704, a decrease of 36.1% from February 2012. The benchmark price for detached properties decreased 4.5% from February 2012 to $901,500. Since reaching a peak in May 2012, the benchmark price of a detached property has declined 6.8%.

   
Calgary:

Calgary’s Resale Condo Market Shows Signs of Life
Double digit year-over-year condominium sales growth have made significant gains increasing by 13% relative to February 2012.
Year-over-year single family sales totaled 1,209 units in the month of February, as supply levels continued to decline, limiting choice for those in the market.
The unadjusted single family benchmark price for February 2013 was $442,500, a 1.3% increase over the previous month and 9% higher than levels recorded in February 2012.

   
Edmonton:

Local Housing Market Remains Active
While the average price for a single family detached home broke through a psychological barrier at $400,973 in February ($399,832 in January), it was up just 0.3%. Sales of properties priced $425,000 to $550,000 have increased 19% so far this year, whereas sales of properties in the $200,000 to $375,000 range are down 9.6% compared to the first two months of 2012. As of February 28, 2013, there were 4,183 residential properties listed in the MLS® System which reflects a 4.14 month supply at current sales levels. The days-on-market was 57 as compared to 53 last year.

   
Toronto:

Price Growth Continues in February
Greater Toronto Area (GTA) reported 5,759 sales in February 2013 – a decline of 15% in comparison to February 2012. The average selling price for February 2013 was $510,580 – up 2% in comparison to February 2012. Current average price forecast is $515,000 for all home types combined in 2013

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

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