Looking Forward to a Strong Spring, But Still in a Buyers Market

Kelowna Real Estate Market Update
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Kelowna March 2013 News
Kelowna And Area Single Family Dwellings (SFD) Activity
Sales in the Single Family Dwellings (SFD) reached 154 in March which is 8% below March 2012 and also below our 21 year average, of 202 sales.
Listings show a slight decrease to a total of 1,489 which is 0.2% lower than last year’s March.
Percentage of Listings vs. Sales. We are still clearly in a buyer’s market at only 10.3% of the listing inventory selling last month, which is the lowest since 2009.
Average Price
The average price here in Kelowna was $416,363 last month which is below last year’s March by 9%. Year to Date, we are at $430,167; slightly lower than 2012.
Million $ Plus
The MLS system shows that 7 residential properties sold in March over $1 Million. These were: 3 Acreages, 1 Townhome on the lake, 1 Penthouse, 1 Lakefront home, and 1 Single Family Dwelling.
Conclusion
The upper price range of $700,000+ was very slow last month, this kept the average price down. The best deals are always created in a very competitive market.

2013 Housing Forecast Update
British Columbia Real Estate Association (BCREA)

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 5.6% to 71,450 units this year, before increasing a further 6.1% to 75,830 units in 2014. The five-year average is 74,600 unit sales, while the ten-year average is 86,800 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.
“2013 is shaping up to be a transition year in the BC housing market,” said Cameron Muir, BCREA Chief Economist. “The groundwork has already begun for stronger housing demand as a significant number of part-time jobs in BC were converted into fulltime employment last year.”
“Residential values are expected to be on a more solid footing in 2013 as lower prices, both actual
and inflation adjusted, have improved affordability. Many potential buyers that stayed on the sidelines in 2012 will likely enter the marketplace over the next year as the relatively strong financial condition of BC households precludes any deflationary spiral.”

Watch Wolf and Colin’s video
According to CMHC, the proportion of residential mortgages that were three months or more behind was trending down in 2011 and the first half of 2012, with an average of 0.41% and 0.36% respectively. This is lower than the average of 0.43% in 2010, and slightly above the average of 0.33% in the previous decade (2001-2010).

 

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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:

Market Activity Follows Traditional Real Estate Cycle in Greater Victoria
A total of 483 sales were processed through the Multiple Listing Service (MLS®) in March 2013, an increase of 23% over the previous month. Sales figures are 15% lower than March 2012’s 570 sales. The median price of a single-family home is $510,777 compared to $555,000 in March 2012, a decrease of 8%. The six-month average shows a decrease of less than 1% month-over-month. Annual differences are skewed by four single-family home sales over $2 million in March 2012. In March 2013, 15 (1 over $2 million) Single Family Dwellings sold over $1 million

Vancouver:

Home Sales Activity Improves But Remains Below Historical Averages
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in March 2013. This represents an 18.3% decrease compared to the 2,874 sales recorded in March 2012, and a 30.6% increase compared to the 1,797 sales in February 2013. The sales-to-active-listings ratio currently sits at 15.2% in Greater Vancouver, a 3% increase from last month. This is the first time this ratio has been above 15% since May 2012. The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $593,100. This represents a decline of 3.9% compared to this time last year and an increase of 0.9% compared to January 2013. Sales of detached properties reached 933 in March 2013, a decrease of 21.1% from the 1,183 detached sales recorded in March 2012, and a 48% decrease from the 1,795 units sold in March 2011. The benchmark price for detached properties decreased 5% from March 2012 to $906,900.

Calgary: Tightened Housing Supply Curbs Sales Volume
Single-family, year-over-year sales growth declined by 6% in March, a reflection of declining supply. Active inventory totaled 2,713 units, 22% lower than levels recorded in 2012, and the lowest March inventory level recorded since 2007. The market balance continues to trend into seller’s territory in this segment causing a year-over-year price increase of nearly 9%, for a total of $446,500 in March 2013.

 

Edmonton: Housing Prices and Sales Up with Balanced Market
The all-residential price (includes single family, condos, duplexes and row-houses) rose 3.5% in a month and single family detached prices were up 3.9%. Compared to March 2012, the all residential price was up 4.3% and the SFD price was up 7.0%. The average price for a single family detached home was $416,739 in March, condos were priced at $246,574 (up 6.3% m/m), duplex and rowhouses at $316,110 (down 4.9% m/m) and the all-residential average price was $354,759. Single Family Dweling prices peaked in May of 2007 at $424,400.
Toronto: Average Price Up In March And First Quarter
In the first quarter of 2013, sales amounted to 17,678 – down by 14%compared to the first quarter of 2012.
Home ownership remains affordable for a household earning the average income in the Greater Toronto Area. The average selling price in March was $519,879 – up by 3.8 %compared to March 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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250-868-8000
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RE/MAX Kelowna
#100 – 1553 Harvey Av.
Kelowna, BC, V1Y 6G1
Each Office Independently Owned and Operated.