2013 In Review



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

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2013 The best year since 2007
After a slow start to the year, sales growth accelerated to a more balanced market in April and ended 2013 on a fairly strong note with an 18% improvement in Single Family Dwelling sales compared to 2012. Overall, residential transaction increased by 14% for 2013 over 2012.
As expected, both new listings and transactions in December, as always, eased off. However, sales activity for December was the best since 2005.
Looking forward, we believe that we will have a strong 2014. Predictions are for increased sales and slow price increases in select areas. We have also noticed that it is getting harder to find nice, well maintained, newer homes in a great location.

Sales
Sales in the Single Family Dwellings (SFD) reached 116 this December which is 45% above December 2012 and was the best December since 2005.

Listings
There are currently 923 active listings, which is 21.3% lower than December 2012. In 2013, there were 6.4% fewer listings taken than 2012.

Percentage of Listings vs. Sales
12.6% of the listing inventory sold in December, which is a little lower than previous months, but far above December 2012; almost double. 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 $474,382 last month.. For the year of 2013, we averaged at $462,921 which is slightly below 2012, by only 1%.

Million $ Plus
The MLS system shows that a total of 14 properties, both residential and commercial, sold in December over $1 Million.
For commercial, December saw 6 properties sell over $1 Million. With only 14 that sold for the whole year of 2013, that’s a big month.
8 residential sales over $1 Million took place in December, these were: 2 Lakefront Homes, 2 Single Family Dwellings and 4 Acreages.

Conclusion
2013 finished on a very positive note with 2,164 SFD sold, which is 18% above 2012. In Kelowna a total of 109 properties (condominiums, attached and single family homes) sold over $1 Million in 2013. Compare this to Vancouver; 2,505, Calgary; 722 and Toronto; 5,449. Check out the lifestyle, climate and the scenery with a clean lake we have, if only a small percentage decides to move here, Kelowna will be busy.

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:

2013 Real Estate Market Activity Expected to Carry into New Year
Victoria’s real estate market ended 2013 with some momentum after a weak first quarter.
Total MLS® sales in December 2013 were 355, a 25% increase over December 2012 when 283 units sold. Annually, total units sold increased by 4%, with 5,998 in 2013 compared to 5,747 in 2012.
The overall MLS® HPI single-family home benchmark price for Greater Victoria was $479,500 in December 2013, compared to $495,400 in December 2012, a decrease of 3.2%.
There were 3,554 active listings at the end of December, a 9% decrease over December 2012, which contributes to stronger market conditions.

   
Vancouver:

Metro Vancouver Housing Market Characterized By Modest Home Sale and Price Increases in 2013
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales properties in 2013 reached 28,524, a 14% increase from 2012, and an 11.9% decrease from the residential sales in 2011.
“Home sales quietly improved last year compared to 2012, although the volume of activity didn’t compare to some of the record-breaking years we experienced over the last decade,” Sandra Wyant, REBGV president said.
Last year’s home sale total ranks as the third lowest annual total for the region in the last ten years.
The number of residential properties listed for sale on the MLS® in Metro Vancouver declined 6.2% in 2013 to 54,742 compared to 2012. Looking back further, last year’s total represents an 8.1% decline compared to the 59,539 residential properties listed for sale in 2011. Last year’s listing count is on par with the 10 year average.

   
Calgary:

Tight Market Conditions Support Price Growth
Sales enjoyed second consecutive year of double-digit growth.
December’s 8% year-over-year increase in sales volume in the city of Calgary capped a year that saw an 11% growth in sales volume for the entire 12 months. City residential sales totaled 1,172 units in December, bringing total sold units for 2013 to 23,489. Prices for the year were up by 8.6% over 2012.

   
Edmonton:

2013 Sales Up 8% in Robust Local Housing Market
The Edmonton MLS® System in 2013, reported the number of sales at almost 8% higher than in 2012. From 2011 to 2012 the number of sales increased 6.2%. There were 17,055 residential sales reported in 2013 as compared to just 15,812 in 2012. The higher sales numbers were driven by the strong local labour market, continuing low mortgage rates, and a stable pricing environment. The 12-month, all-residential average price in 2013 was $350,208, a modest 2.95% increase over the 2012 price of $341,891. During the month of December, the price of a single family detached property rose 4.4% from $405,826 in November to $423,544 in December.

   
Toronto:

Sales and Average Price Up in Calendar Year 2013
Greater Toronto Area REALTORS® reported 4,078 residential transactions through the Toronto MLS® system in December 2013 – up by almost 14% compared to December 2012. New listings entered into the Toronto MLS® system were down by almost 4% over the same period.
Total sales for the calendar year 2013, at 87,111, were up by approx. 2% compared to 2012. The average selling price for December 2013 sales was $520,398 – up by 8.9% compared to the average of $477,756 in December 2012.
The average selling price for 2013 as a whole was $523,036, which represented an increase of 5.2% compared to the calendar year 2012 average of $497,130.

   
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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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