November 2013: Kelowna Real Estate Market Update



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

Sales
Sales of Single Family Dwellings (SFD) reached 166 this October, which is 36% above October 2012 and was just one sale under the average of the last 22 years. This was again, the highest since 2009.

Listings
The number of active listings is 1,238 which is 18.2% lower than October 2012. YTD the total listings taken is 6.8% lower than the same period last year.

Percentage of Listings vs. Sales
13.4% of the listing inventory sold in October. This is similar to September, but far above October 2012 with only 8.1 % of the listings selling. As you can see in the graphs 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 $481,993 last month. Year to Date, we are at $462,617 which is slightly lower than 2012, by 1.1%.

Million $ Plus
The MLS system shows that a total of 9 properties sold in October over $1 Million These were: 2 Lakefront Homes, 2 acreages, 4 Single Family Dwellings, and 1 Apartment Block. (One property sold for $9.8 Million on an 8 acre parcel with 470 ft of lakeshore in Okanagan Centre.)

Conclusion
We are happy to see the sales-to-listing ratio holding strong since April. It is currently at about 14%, compared to about 8% in the last 4 years, as you can see in the graphs below.
Our average price went up, to just to under $500K and our over $ Million activity was low with only 4 SFD sold which makes it a strong month. (The other transactions over a $ Million are excluded from the stats)
We see a trend towards a strong 2014.
Also see CMHC Fall 2013 Housing Market Outlook

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

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

 

Major Cities Report
Victoria:

Strong October Kicks off Fourth Quarter Real Estate Sales
According to the Board’s MLS® System, 512 properties sold compared to 373 in October 2012, an increase of 37.27%. There were 4,322 active listings. Total Waterfront Single Family Dwellings sold: 17, up 2 over October 2012.
Total Non-waterfront Single Family Dwellings sold: 257, up 62 over October 2012
Single Family Dwellings sold over $1 million: 16 (1 over $2 million)

   
Vancouver:

Balanced Conditions Continue in the Greater Vancouver Housing Market
Last month’s sales were 2.8% above the 10-year sales average for the month, while new listings for the month were 1.9% below the 10-year average. The sales-to-active-listings ratio is currently at 17.4% in Greater Vancouver. Sales of detached properties reached 1,067 in October 2013, an increase of 35.1% from the 790 detached sales recorded in October 2012 and a 9.5% increase from the 974 units sold in October 2011. The benchmark price for detached properties decreased 0.5% from October 2012 to $922,600.

   
Calgary:

Price Gains Encourage New Listings Growth
Residential sales activity totaled 1,953 units in October, an 18% rise over 2012 and pushing year to date volume increases to just over 10%. Unadjusted benchmark prices in the city of Calgary increased in October relative to both September of this year and October 2012. Single-family prices benchmarked at $468,000, while the benchmark price for condominium apartment and townhouse were a respective $276,100 and $302,200 in October.

   
Edmonton:

Youthful Buyers Continue to Drive Housing Sales in October
The all-residential average price in Edmonton is $337,599 as compared to $332,232 in October 2012, a +2.5% change. The median price for a home in Edmonton is up at $327,250 compared to $315,600 last October. All-residential sales totalled 1,454 in October, a positive change of 15.6% from the same month last year when there were 1,258 residential sales. The average price for a single-family dwelling in October was $397,613 (up 2.5% Y/Y) and an average condo sold for $235,680 (up 2.1% Y/Y).

   
Toronto:

Home Sales Up Annually in October
The average selling price for Toronto MLS sales in October 2013 was $539,058; up by more than 7% in comparison to the average price of $502,127 in October 2012. The average price of a detached home in central Toronto is $873,509. Average days on the market is currently 27, and was 28 days in 2012.

   
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