August 2013: Hot Market Across Canada



August Real Estate Update
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Kelowna July 2013 Stats

Kelowna And Area Single Family Dwellings (SFD) Activity

Sales in the Single Family Dwellings (SFD) reached 221 in July which is 6% above July 2012 and was again like the last 2 months over our 22 year average of 201 sales. Imagine the highest July ever since 1990 was in 1991 with 277 sales.

Listings The number of active listings is 1,537 which is 9% lower than last year’s July. YTD the total listings taken is 6% lower than the same period last year.

Percentage of Listings vs. Sales
14.4% of the listing inventory sold in July, which is lower than last month. As you can see in the graph below we are just under a balanced market; which is defined as between 15% and 25% of the listings selling.

Average Price is back up
The average price here in Kelowna was $479,258 in July which is similar to June and last year’s July. Year to Date, we are at $456,900, slightly lower by 1.6% than 2012.

Million $ Plus
The MLS system shows that a total of 13 properties sold in July over $1 Million (2 reached over 2Mill). These were: 1 Acreage, 5 Lakefront homes, 6 Single Family Dwellings and 1 Commercial property.

Conclusion
Following a slow start for the first quarter, the last 4 months have all been above average. The red on white license plates are back. We are receiving many calls from Alberta, “and what is there not to like, when you live here in Kelowna”. The market below $800K is strong and we experienced double offers last month. Properly marketed and well priced homes are selling.

Watch the Osorios reivew of the Krieg Family

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:

Strong Sales Activity Continues
With 583 sales in July and 4,772 active listings on the MLS® System at month end, the sales-to-active-listings ratio is 15%. There were 345 single family homes sold in July, an increase of 17.7% over July 2012, while the median price of $521,000 is down 1.7% year over year from $530,000. There were 127 condominium sales with a median price of $265,000 and 70 townhomes sold at a median price of $360,750. 19 Single Family Dwellings sold over $1 million (2 over $2 million)

   
Vancouver:

Sunny Weather Did Not Slow The Pace of Home Sales Activity in July
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,946 on the MLS® in July 2013. This represents a 40.4% increase compared to the 2,098 sales recorded in July 2012, and an 11.5% increase compared to the 2,642 sales in June 2013. The sales-to-active-listings ratio rose two and-a-half percentage points between June and July to 17.7% in Greater Vancouver. This is the highest this ratio has been since April 2012. Sales of detached properties reached 1,249 in July 2013, an increase of 59% from the 787 detached sales recorded in July 2012, and a 13.7% increase from the 1,099 units sold in July 2011. The benchmark price for detached properties decreased 3.1% from July 2012 to $920,500.

   
Calgary:

Strong Sales Gowth in July
Residential sales totaled 2,268 units in July, a 17% increase over the previous year and up more than 6% so far this year. The flood that devastated the Calgary area on June 20 likely contributed to pulling forward sales activity, said Ann-Marie Lurie, CREB® chief economist.
“Some of this activity is related to the displaced renters and owners seeking other accommodation,” said Lurie. “But those consumers already searching for a home may have sped up their purchase decision, in response to concerns regarding the impact tight supply levels would have on prices.”

   
Edmonton:

Edmonton Experiencing Robust Housing Market
Sales of residential properties are up in double digit increments in all categories when compared to last year, according to the REALTORS® Association of Edmonton. Total residential sales in July were up 24.9% year-over-year. The average price for a single family detached (SFD) property in the Edmonton Census Metropolitan Area (CMA) in July was $410,372, down 0.5% from June but up 3.4% from a year ago.

   
Toronto:

Strong Sales and Price Growth in July
Total sales were up by 16% compared to July 2012. Last month’s sales represented the best July since 2009 and was the third best July result on record. Reflecting tighter market conditions, the average selling price for July sales was up on a year over-year basis by 8% to $513,246. “We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013. An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year, albeit still above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

   
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.