July 2013: Is this a new market trend? Kelowna Real Estate



New Market Trend Established?
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Kelowna June 2013 Stats

Kelowna And Area Single Family Dwellings (SFD) Activity
Sales in the Single Family Dwellings (SFD) reached 254 in June which is 25% above June 2012 and was again, like May, over our 21 year average since 2007 of 218 sales.
Listings The number of active listings is 1,578 which is 11% lower as last years June. YTD the total listings taken is 6% lower than the same period last year.

Percentage of Listings vs. Sales
16.1% of the listing inventory sold in June, which is basically the same as last month. We are now in a balanced market, which is the first time since 2008. Between 15% and 25% of the listings selling is considered a balanced market.
Average Price is back up
The average price here in Kelowna was $478,433 in June which is similar to last year’s June. Year to Date, we are at $452,433, slightly lower by 2.5% than 2012.
Million $ Plus
The MLS system shows that a total of 16 residential properties sold in June over $1 Million. These were: 1 Townhome on the lake, 2 Acreages, 5 Lakefront homes and 8 Single Family Dwellings.
Conclusion
We are expecting a continued better market and are hoping it is not just a rush of buyers before interest rates go up. It was the second time in a row, in six years that we’ve reached a balanced market here in Kelowna and area.

CMHC Kelowna – Housing Market Outlook
Demand for new and existing homes is expected to strengthen later this year and in 2014. Stronger employment growth coupled with low
mortgage interest rates will support increased demand for housing in Kelowna.
• MLS® home sales are forecast to remain stable in 2013. Expect sales to move higher, increasing 11% in 2014. Buyers will continue
to benefit from an ample supply of listings and price competition among sellers.
• Prices are forecast to stabilize in 2013 and edge higher in 2014 as demand improves and the supply of listings is drawn down.
• Kelowna area housing starts are forecast at 1,000 homes this year and 1,100 homes in 2014. Both single-detached and multiple-family starts are forecast to move higher.
• Kelowna’s apartment vacancy rate is expected to edge lower in 2013 and 2014.
• Mortgage rates are not expected to increase until mid 2014. The anticipated small and steady increases in mortgage rates will lead to somewhat higher mortgage rates by the
end of 2014. However, these rates will remain low, by historical standards, over the forecast horizon.
Source: Housing Market Outlook – Kelowna CMA – Date Released – Spring 2013

 

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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:

Real Estate Market Rebounds in Second Quarter
For the third consecutive month, the Victoria Real Estate Board reports sales through the MLS® System remained strong with 65% more activity in the current quarter than in the first quarter of 2013.
There were 382 single family homes sold in June at a median price of $525,250, up 1% over June 2012 at $520,000. Condominium sales were 164 at a median price of $265,000 and 79 townhomes sold at a median price of $365,000. There were 4,833 active listings on the MLS® System at the end of June, bringing the active-listings-to-sales ratio to 17%, well within the balanced market range.
27 Single Family Dwellings sold over $1 million (6 were over $2 million)

   
Vancouver:

Balanced Conditions Provide a Stable Backdrop for Today’s Home Buyers and Sellers.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 17,289, a 6% decrease compared to June 2012 and a 0.4 % increase compared to May 2013.
The sales-to-active-listings ratio currently sits at 15% in Greater Vancouver. This is the fourth straight month that this ratio has been at or above 15 %.
Sales of detached properties reached 1,102 in June 2013, an increase of 19.7 % from the 921 detached sales recorded in June 2012, and a 25.1% decrease from the 1,471 units sold in June 2011. The benchmark price for detached properties decreased 4.3 % from June 2012 to $919,900.

   
Calgary:

JUNE SALES EXCEED EXPECTATIONS and Too soon to See Impact of Flood on Resale Statistics
City of Calgary monthly residential sales totaled 2,317, a 6% increase over June 2012 figures, and nearly 5% higher than levels recorded in the first half of 2012. However, the impact of recent flooding is expected to trickle into the housing
statistics over coming months.
The single-family market moved into seller’s territory ahead of the condominium market, supporting stronger price growth. As of June the single-family benchmark price reached $459,700, a 6.7% increase over the previous year.

   
Edmonton:

Market Stability Evident in Mid-year Housing Review
The all-residential sales figures for June are down 1.5% year-to-date when compared to 2012 with 8,664 sales so far in 2013 as compared to 8,792 in 2012. There were 1,840 residential properties of all types sold in the Edmonton CMA in June and 1,800 sold in June 2012. Single family detached sales of 1,080 were off 4.9% from last year. Condominium sales were up in the first half because of a lack of lower priced single family properties. There were 470 condo sales in June compared to 536 in June 2012. There were 116 duplex/row house properties sold in June. Note: all sales numbers are estimated to reflect late reported sales.

   
Toronto:

Low-Rise Market Conditions Remain Tight in June
The sales picture in the GTA improved markedly in the second quarter of 2013. While the number of transactions was still down compared to 2012, rates of decline were substantially improved compared to the first quarter “The short supply of low-rise home types in many parts of the GTA relative to the number of households looking to buy continued to prompt strong upward pressure on selling prices of singles and semis,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “We have also seen enough buyers in the better-supplied condo apartment market to provide support for selling prices at current levels.”

   
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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Kelowna, BC, V1Y 6G1

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