December 2013: Kelowna Real Estate Update



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

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Wow, what a year it is going to be. Calgary and Alberta are booming and we are seeing this benefit. Take a look at the graph below “Percentage of Sales to Listings Ratio”, see the clear separation between April forward this year, compared to the previous years. 159 SFD (Single Family Dwellings) sold in November here in the Central Okanagan. This was the highest since 2007. In Kelowna and area there have been over 2,000 SFD sell already this year. The last year we went over 2,000 SFD sales, was in 2007.

The activity is mostly under $500,000 making up about 80% of all sales. Only 5% of all sales reach over $700,000. Of the inventory over $700,000 only 2-3% sells every month compared to 14% of all single family dwellings, 12% of townhomes, 5% of apartments and only 1.3% of the lots selling in November.

Sales
Sales in the Single Family Dwellings (SFD) reached 159 this November which is 14% above November 2012 and was the best November since 2005.

Listings
The number of active listings is 1,108 which is 19.7% lower than November 2012. YTD the total listings taken is 6.3 % lower than the same period last year.

Percentage of Listings vs. Sales
14.4% of the listing inventory sold in November This was similar to the previous month, but far above November 2012, which had only 10% of the listings selling. 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 $458,171 last month.. Year to Date, we are at $462,272 which is slightly lower than in 2012, by 1.2%.

Million $ Plus
The MLS system shows that a total of 9 properties sold in November over $1 Million These were: 2 Lakefront Homes, 6 Single Family Dwellings, and 1 Farm.

Conclusion
Compared to other areas and cities, Kelowna is now well priced and reasonable, not to say undervalued. Our last strong market was in 2007-2008. For the last 5 years we have had a buyers market. People are eager to go forward and they are getting tired of waiting. We are looking forward to a strong spring. Our sales to listing ratio graph says it all, you can see clearly the separation in activity.

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

Percentage of Sales to Listing Ratio 2009 – 2013 Single Family
(Percentage of How Many Listings Sell in a Month)

Single Family Percentage of Sales to Listing Ratio

 
Sold Listings 2010 – 2013 Single Family Dwelling

ber of Sold Single Family Dwellings Graph 2005 - 2008

 

Listing Inventory 2010 – 2013 Single Family Dwelling

Single Family Listing Inventory Graph 2005 - 2008

 

 
Average Price 2010 – 2013 Single Family Dwelling

Single Family Home Average Price Graph 2000 - 2008

 

Major Cities Report
Victoria:

Sales Moderate in November; Overall Prices Remain Flat
At the regional level, the benchmark price for the single family home was $548,600, an increase of 0.14% over the previous month and a 1.65% decrease over November 2012.
There was a total of 381 single family homes sold in November, an increase of 11% over the same time in 2012
Total Waterfront Single Family Dwellings sold: 9. Up 3 over November 2012

Single Family Dwellings sold over $1 million: 7 (1 over $2 million)

   
Vancouver:

Steady Trends Continue in Housing Market
Consistent home sales and listing activity has allowed balanced market conditions to prevail in the Greater Vancouver housing market for most of 2013.
Residential property sales in Greater Vancouver reached 2,321 on the MLS® in November 2013. This represents a 37.7% increase compared to November 2012, and a 12.8% decline compared to October 2013.
The sales-to-active-listings ratio currently sits at 16.6%.
The benchmark price for detached properties (single family dwelling) increased 1.1% from November 2012 to $924,800.

   
Calgary:

Sales Growth Boosted By Rise in New Listings
Fifth consecutive month of double-digit trend.
Tight market conditions have resulted in higher-than-expected price gains in all sectors of the Calgary market. Citywide, only the price of single-family homes has fully
recovered and started to push above unadjusted levels recorded in 2007. Meanwhile, condo apartment and townhouse prices remain below peak. Single-family benchmark prices totaled $470,600 in November, 8.5% higher than one year ago. Meanwhile, condominium apartment and townhouse unadjusted benchmark prices totaled a respective $279,600 and $305,700 in November, 6% below 2007 peak pricing.

   
Edmonton:

November home sales not affected by Old Man Winter
The number of all-residential sales in the Edmonton CMA in November was 1,116, which was the highest number of sales in the month since 2009. There were 672 sales of single family homes, 349 condo sales and 83 duplex/row house sales in November. Total residential sales were up 10.5% over November 2012 with SFD sales up 7.9% and condos sales up 13.7%.
The all-residential average price (representing SFD, condo and duplex/row house sales) was $346,388, up 2.6% from last month and 3.5% from November 2012. The average price for a single-family dwelling in November was $405,826 (up 2.1% M/M) and an average condo sold for $240,630 (up 2.1% M/M). The average price for a duplex/row house was $327,027 (up 0.3% M/M). Compared to November 2012, SFDs were up 2.8%, condo prices up 6.9% and duplex/rowhouses up 5.2%.

   
Toronto:

Tighter Market Conditions Drive Strong Price Growth
Greater Toronto Area reported 6,391 residential sales through the Toronto MLS system in November, representing a 13.9% increase over the sales result for November 2012. Over the same period, new listings on Toronto MLS® were down by 4.4% and month-end active listings were down by 12.1%. The average selling price for November 2013 Toronto MLS® transactions was $538,881 – up by 11.3% in comparison to the average reported for November 2012.

   
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RE/MAX Kelowna
#100 – 1553 Harvey Av.
Kelowna, BC, V1Y 6G1

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