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Kelowna May 2013 News

Kelowna Market Update
The market has changed and we have excellent news! We are excited to report that here in Kelowna and area, we had a total of 261 Single Family Dwellings (SFD) changing hands. This was the best month in the number of sales since 2007. In fact, it was the 4th best May behind 1991 with 331 sales, 2002-284 and 2007-330 sales. This equals to 16.4% of the inventory selling which is considered a balanced market and a huge success for Kelowna, as this is the first time in six years.
Compared to Calgary however, last month they had over 50% of the inventory sold, Toronto sold 45% and Vancouver only sold 17%.
Lot sales in Kelowna and area came in at 4% of the inventory selling. Apartments at 8% and townhomes at a record of 16%.
We see continued increase in activity out of Alberta, but there is still little activity in the upper price range. The activity is all under $700K, in fact 95% of the Single Family Dwellings (SFD) sold under $700,000 which explains why our average price is rather low.

Kelowna And Area Single Family Dwellings (SFD) Activity
Sales
Sales in the Single Family Dwellings (SFD) reached 261 in May which is 29% over May 2012. Incredibly, this is the first time any month made it over our 21 year average of 222 sales, since 2007.
Listings
The number of active listings is currently 1,594; which is 8% lower than May 2012. YTD the total listings taken is 6% lower than the same period last year.
Percentage of Listings vs. Sales
We have now entered into a balanced market with 16.4% of the listing inventory selling last month, which is the highest since 2007. Between 15% and 25% of the listings selling is considered a balanced market.
Average Price is down
The average price here in Kelowna was $452,615 last month which is still below last year’s May by 7%. Year to Date, we are at $444,682, slightly lower by 3.7% than 2012.
Million $ Plus
The MLS system shows that 9 residential properties sold in May over $1 Million. These were: 4 Acreages, 1 Lakefront home and 4 Single Family Dwellings.
We also took note of 1 industrial property and 1 farm selling over $1 Million.
Conclusion
For the first time in six years, we reached a balanced market here in Kelowna and area. Our market over $700K is still somewhat weak. Townhomes are outselling apartments, although we do have twice as many apartments for sale as to townhomes.

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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:

Second Quarter is Definitely Much Stronger Than First Quarter of 2013
Greater Victoria real estate sales for May are identical to the same period one year ago: 659 properties sold on the MLS® System.
There were 384 single family homes sold in May at a median price of $515,000, down 3.4% over May 2012. Condominium sales were 142 at a median price of $289,500 and 68 townhomes sold at a median price of $400,000. 18 Single Family Dwellings sold over $1 million (2 over $2 million)

   
Vancouver:

Spring Months Bring Balance to Greater Vancouver Housing Market
While the number of home sales in Greater Vancouver continued to trend below the 10-year average in May, the balance of sales and listings meant continued market stability this spring. Last month’s sales were 19.4% below the 10-year sales average for the month.
The sales-to-active-listings ratio currently sits at 17% in Greater Vancouver. This is the third straight month that this ratio has been above 15%. Previous to this, May 2012 was the last time this ratio was above 15%.
Sales of detached properties reached 1,212 in May 2013, an increase of 2.7% from May 2012, and a 22.8% decrease from the 1,570 units sold in May 2011. The benchmark price for detached properties decreased 5.2% from May 2012 to $917,200.

   
Calgary:

Prices Rise As Resale Market Continues to Favour Sellers.
City of Calgary residential monthly sales improved over the previous year, mostly driven by increased demand in the condominium market. The unadjusted benchmark single-family price totalled $456,900 in May, a 7% increase over 2012 and a 1% increase over the previous month.

   
Edmonton:

Local Housing Sales Ease up in May
Housing sales dropped 10% when compared to May 2012. Sales of single family detached homes (SFD) were down 14.4% year over year, and duplex/rowhouse sales were down 20.3%. In contrast, during the same period, condo sales were up 4.9% compared to May 2012. The demand for housing has buoyed up prices in the Edmonton area. The all-residential average price was up 2.4% from April and up 1.3% from a year ago at $356,807. The average price of SFDs was up 3.9% to $418,110 in May but condo prices dropped 2.4% from a month ago to $237,664. The condo average price is down 3.97% in May compared to last year.

   
Toronto:

Price Growth Across All Major Home Types in May
The average selling price for May 2013 sales was $542,174 – up by 5.4% in comparison to May 2012. The annual rate of price growth was driven by the tight low-rise segment of the market and particularly by single-detached and semi-detached home transactions in the City of Toronto. Average condominium apartment prices were also up slightly in comparison to last year.

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

Each Office Independently Owned and Operated.