April 2013: Market Trend or Fluke?

Kelowna Real Estate Market Update
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Kelowna April 2013 News
Kelowna Market Update

We are happy to report that as we see improvement in the weather, we also see more action in real estate here in Kelowna and area especially in the $700K plus home sales. Consumer confidence is increasing and April came out very strong in the number of sales, as it was the best April since 2008 with 216 Single Family Dwellings changing hands. Although we caution that one month doesn’t indicate a market trend, it is encouraged by increased showings, the number of sales and we are looking forward to a fantastic May, which is historically the best month of the year.

We saw 28 properties selling over $700,000 and 9 over $1Million including lakefront and acreages. The activity in the upper price range also helped to bring the average price back up from $416,000 last month to $460,000 where it belongs.

We are receiving good news from the US and we also see the Albertans returning to the Okanagan. According to the March buyers survey by OMREB, 17.9% of the buyers were from Alberta. We have the climate, the mountains, the lake, fruit, wine and that is what people like.

Kelowna And Area Single Family Dwellings (SFD) Activity
Sales in the Single Family Dwellings (SFD) reached 216 in April which is 20% above April 2012 and just below our 21 year average, of 220 sales.
Listings The number of active listings is 1,587 virtually the same as last year April. YTD the total listings taken is 3.5% lower than the same period last year.
Percentage of Listings vs. Sales. We are still in a buyer’s market with 13.6% of the listing inventory selling last month, which is the highest since 2008. March was the lowest since 2009.
Average Price is down.
The average price here in Kelowna was $460,351 last month which is still below last year’s April by 4.5%. Year to Date, we are at $441,182, slightly lower by 2.5% than 2012.
Million $ Plus

The MLS system shows that 9 residential properties sold in April over $1 Million. These were: 3 Acreages, 1 Lakefront home, 1 Large Lot and 4 Single Family Dwellings.
Conclusion

Our average price bounced back up since we had more activity in the upper price range. Sales are up and the percentage of sales to listing ratio is climbing. This is very encouraging, but at the same time, we have to be careful, as one month does not indicate a trend.

 

Watch Wolf and Colin’s video
It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy.

 

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:

Greater Victoria Residential Real Estate Transitions to a Balanced Market

Total number of sales for April was 615, a 5% increase compared to April 2012 with 586 sales. On the residential side, more properties are selling, and slightly fewer are entering the market, so we are moving from a buyers’ market to more balanced market conditions. Prices remained relatively flat and, there were 367 single family homes sold in April at a median price of $540,000,
30 Single Family Dwellings sold over $1 million (5 over $2 million)

Vancouver:

Spring Delivers Greater Balance

Last month’s sales equate to the lowest April total in the region since 2001 and 20.9% below the 10-year sales average for the month.

The sales-to-active-listings ratio currently sits at 15.7% in Greater Vancouver. This is the second consecutive month that this ratio has been above 15%. Previous to this, May 2012 was the last time this ratio was above 15%. There have been modest increases in home prices across the region over the last three months. This comes on the heels of home price declines of approximately 5-6% in Greater Vancouver during the last half of 2012. The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $597,300. This represents a decline of 3.9 % compared to this time last year and an increase of 1.6 % compared to January 2013. Sales of detached properties reached 1,064 in April 2013, a decrease of 5.5% from the 1,126 detached sales recorded in April 2012, and a 24.1% decrease from the 1,402 units sold in April 2011. The benchmark price for detached properties decreased 5.2% from April 2012 to $914,000. Since January the benchmark price of a detached home has increased 1.4%.

Calgary: Single Family Dwelling Prices Reach a New High

For the first time since 2007, conditions favour the seller. The benchmark price of single family homes reached a new high of $452,900 in April, as market conditions that favour the seller finally drove prices above the unadjusted peak in 2007. Residential year-to-date sales improved by nearly 4% compared to the same time in 2012. Meanwhile, citywide benchmark prices totaled $406,000 a 7% rise over the previous year.

Edmonton: Stability Marks Spring’s Real Estate Activity

Estimated SFD sales of 1,037 units (960 actual) were down 4.4% from last year but condominium sales increased 4.1% year-over-year to 459 estimated sales (425 actual).

In April, the average price for a single family detached home was $402,270 (down 3.5% from March). The average priced condo sold for $243,503 (down 1.3% m/m) and duplex and rowhouses prices were up 2.8% to $324,975 on average.

Toronto: Market Conditions Promote Price Growth in April

Greater Toronto reported 9,811 sales through the Toronto MLS system in April 2013, representing a dip of 2% in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis. The average selling price for April 2013 transactions was $526,335 – up by 2% in comparison to April 2012. The MLS® HPI Composite Benchmark Price was up by 2.9%t.

Single Family Home Average Price 2010 – 2013

Single Family Home Average Price Graph 2000 - 2008

Number of Sold Single Family Dwellings2010 – 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
info@wolfhomes.com
RE/MAX Kelowna

#100 – 1553 Harvey Av.

Kelowna, BC, V1Y 6G1

Each Office Independently Owned and Operated.