September 2013: A Record Month!



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

Sales
Sales of Single Family Dwellings (SFD) reached 187 this September which is 61% above September 2012 and was again like the last 5 months over our 22 year average of sales.
The highest number of sales in any September of Single Family Dwellings since 1991 was in 2005 with 231 homes changing hands.

Listings
The number of active listings is 1,347 which is 16.7% lower than September 2012. YTD the total listings taken is 6% lower than the same period last year.

Percentage of Listings vs. Sales
13.9% of the listing inventory sold in September, which is similar to the previous 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 is stable
The average price here in Kelowna was $465,966 last month, this is lower than the last 3 months as well as September 2012. Year to Date, we are at $460,751 which is slightly lower than 2012, by 1.8%.

Million $ Plus
The MLS system shows that a total of 14 properties sold in September over $1 Million (Two reached over $2 Million). These were: 5 Lakefront Homes, 6 Single Family Dwellings, 1 Penthouse and 2 Commercial Properties.

Conclusion
This is the fifth month in a row since April that we are above the average number of sales from the last 22 years (since 1991). On well priced homes, we experience multiple offers and yet we see others with next to no activity. The buyers are there, but they are very educated and extremely selective. They prefer nice, clean, well maintained homes. Over 90% of the transactions are still under $800,000.

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:

Home Sales Bolstered by Proper Pricing in Greater Victoria
Finishing up the strongest third quarter since 2009, the Victoria Real Estate Board reports that properly priced homes are selling which, along with reduced inventory levels, contributed to favourable market conditions. Q3 sales totalled 1,610, a year-over-year increase of nearly 15%.
There were 279 single family homes sold in September, an increase of 29% over September 2012, while the median price of $523,900 is up just over 1% year over year from $517,500. There were 105 condo sales and 60 townhomes sold.
12 Single Family Dwellings sold over $1 million (1 over $4 million)

   
Vancouver:

Sale and listing activity continues to follow historical averages
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,483 on the MLS® in September 2013. This represents a 63.8% increase compared to the 1,516 sales recorded in September 2012, and a 1.2% decline compared to the 2,514 sales in August 2013. Last month’s sales were 1% below the 10-year sales average for the month, while new listings for the month were 3.5% below the 10-year average.
“While sales are up considerably from last year, it’s important to note that September 2012 sales were among the lowest we’ve seen in nearly three decades,” Sandra Wyant, REBGV said. “Home sales and listing activity this September were in line with the 10-year average for the month.”
Sales of detached properties reached 1,023 in September 2013, an increase of 72.2% from the 594 detached sales recorded in September 2012, and a 6.9% increase from the 957 units sold in September 2011. The benchmark price for detached properties decreased 1.4% from September 2012 to $922,600.

   
Calgary:

Rise in new listings prevents further tightening in the resale market
Residential sales totaled 1,923 units in September, 19% higher than last year and 14% higher than long-term averages for the month. As Calgary’s market remains in seller’s territory, a notable shift is occurring with new listings. While monthly levels of new listings have been declining since 2011, over the past three months the levels of new listings have improved. The growth was not enough to cause any significant changes in inventory levels, but
it has helped prevent further tightening in the market. The Single Family average price YTD is $517,709 and 8.17% over 2012.

   
Edmonton:

September Housing Prices up 5.4% from last year
Average sales prices are the highest they have been in five years
The all-residential average price for the first three quarters of the year in the Edmonton CMA is $350,741 as compared to $340,090 in 2012. In September, the all-residential average was $352,057, up 5.4% from a year ago and inching up from $351,455 in the previous month.
Year-over-year sales were also up 19.4% with 1,466 all-residential sales in September. There were 13,691 residential sales in the Edmonton CMA in the first three quarters of 2013 as compared to just 12,876 sales at the same time last year. There were 926 single-family detached sales in September at an average price of $408,642 (up 3.9% Y/Y) as compared to 773 sales a year ago at an average price of $393,374.

   
Toronto:

Strong Sales and Price Growth in September
Greater Toronto Area REALTORS® reported 7,411 residential sales through the Toronto MLS system in September 2013, representing a 30% increase compared to September 2012. Year-to-date, total residential sales reported through Toronto MLS amounted to 68,907 during the first nine months of 2013 – down by 1% compared to the same period in 2012.

   
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

 
Single Family Home Average Price 2010 – 2013

Single Family Home Average Price Graph 2000 - 2008

 

 
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250-868-8000
info@wolfhomes.com
RE/MAX Kelowna
#100 – 1553 Harvey Av.
Kelowna, BC, V1Y 6G1

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