September 2013 Kelowna Market Update



August Real Estate Update
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Kelowna And Area Single Family Dwellings (SFD) Activity

Sales
Single Family Dwelling (SFD) sales reached 209 this August which is 14% above August 2012 and was again like the last 4 months, over our 22 year average of sales.
The highest number of sales in any August in SFD (Single Family Dwellings) since 1991 was in 2007 with 282 homes changing hands, but can you imagine in 1991 here in Kelowna and area, a total of 234 SFD sold.
Listings
The number of active listings is 1,477 which is 11.7% lower than August 2012. YTD the total listings taken is 6% lower than the same period last year.
Percentage of Listings vs. Sales
14.2% of the listing inventory sold
in August, which is similar to last month. As you can see in the graph below, we are just under a balanced market. Between 15% and 25% of the listings selling is considered a balanced market.
Average Price
The average price here in Kelowna is stable and was $480,530 last month, this is similar to last month as well as August 2012. Year to Date, we are at $460,116 which is slightly lower by 1.6% than 2012.
Million $ Plus
The MLS system shows that a total of 15 properties sold in August over $1 Million (one reached over $2 Million). These were: 3 Acreages, 3 Lakefront Homes, 8 Single Family Dwellings and 1 Town Home on the lake.

Conclusion
This is the fourth month in a row since April that we are above the average of 22 years from 1991 till now in sales in the SFD. We bounced back from 2008, but not to same level as in the mid 2000s. Canada is doing well, as you can see on the reports and we are getting our share especially with our Alberta friends. The activity is still mostly under $700,000 representing 89% of all sales in the SFD (Single Family Dwelling) category. Big improvement in the market, but still very competitive for the seller. We are experiencing extremely high traffic on well priced properties and double offers, which tells us the buyers are out there and acting when they can see a good deal.

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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:

Strongest Summer in Five Years for Property Sales in Greater Victoria
There were 308 single family homes sold in August, an increase of 28.3% over August 2012, while the median price of $529,950 is up less than one% year over year from $526,250.
17 Single Family Dwellings sold over $1 million (2 over $2 million)

   
Vancouver:

Summer Housing Market Remains Active
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,514 on the Multiple Listing Service® (MLS®) in August 2013. This represents a 52.5% increase compared to the 1,649 sales recorded in August 2012, and a 14.7% decline compared to the 2,946 sales in July 2013.
The sales-to-active-listings ratio currently sits at 15.7% in Greater Vancouver. This ratio remains consistent with balanced market conditions
“People entering the market should not confuse stronger sales activity with rising prices. Home prices have been quite stable and consistent for much of this year.”

   
Calgary:

Seller’s Market Conditions Persist, Pushing up Prices
Residential sales within city limits totaled 2,196 units, a 27.5% increase over 2012 and 8.7% on a year-to-date basis. Single-family sales totaled 1,517 units in August, a 30% increase over the previous year. Single-family benchmark prices reached $464,700 in August, a 7.4% rise from the previous year and a 0.7% increase over July.

   
Edmonton:

No Pressure From Mortgage Rate Increases in Local Market
The average price for a single family detached (SFD) property in the Edmonton Census Metropolitan Area (CMA) in August was $416,494, up 1.5% from July but up 5.4% from a year ago. As compared to August 2012, prices of all types of residential property were up: SFD up 5.4%, condos up 3.8%, and duplex/rowhouses up 12.1%. The all-residential average price was up 3.7% over the same time last year.

   
Toronto:

August 2013 Sales and Average Price Up Over 2012
Greater Toronto Area REALTORS® reported 7,569 residential transactions through the TorontoMLS system in August 2013. This represented a 21% increase compared to 6,249 sales in August 2012. The average selling price for August 2013 was $503,094 – up by almost 5.5% compared to the average of $477,170 in August 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
info@wolfhomes.com
RE/MAX Kelowna
#100 – 1553 Harvey Av.
Kelowna, BC, V1Y 6G1

Each Office Independently Owned and Operated.