February 2014 Kelowna Real Estate News



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

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Great start for Kelowna into 2014
Although January did not break records, we saw an overall increase of 4% in sales of single family homes, apartments & townhomes combined, over January 2013.
The activity in townhomes is steadily increasing with numerous projects coming on stream that are ideal for first time buyers and single parents. The average price for townhomes is in the mid $300,000 range and the majority are newer, built year 2000 and up. Very few were built before 1990. People like fine, clean, well maintained properties in good locations.

Sales
Sales in the Single Family Dwellings (SFD) reached 105 this January which is similar to 107 sales January 2013.

Listings
There are currently 985 active listings, which is 17.1% lower than January 2013. This is the lowest inventory since 2008.

Percentage of Listings vs. Sales
10.7% of the listing inventory sold in January, which is low, but is really not too bad for a January. Looking back into the history it is the highest January since 2008, but don’t look back at January 2009, where only 3.6% of the listings sold, as you can see in the graph below. We are looking forward to 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 $449,674 last month. For the year of 2013, we averaged of $462,921 which is slightly below 2012, by only 1%.

Million $ Plus
The MLS system shows that a total of 7 properties sold in January over $1 Million. We noticed 2 commercial properties, 2 farms and 3 residential sales, these were: 1 lakefront home, 1 single family dwelling and 1 acreage.

Conclusion
We see articles in the newspaper, on the internet or on TV all the time about real estate with opinions about the market being good or bad. We like to look at the numbers, as they don’t lie. January came in strong, with great signs for a good year, and not just for Kelowna. Looking at the major cities report below, you can see the rest of Canada is also doing well. Our big neighbour to the East (Alberta) is doing great and our dollar slipped which is good for exports. We feel 2014 will be a good year for real estate in Kelowna!

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 2010 – 2014 Single Family
(Percentage of How Many Listings Sell in a Month)

Single Family Percentage of Sales to Listing Ratio

 
Sold Listings 2011 – 2014 Single Family Dwelling

ber of Sold Single Family Dwellings Graph 2005 - 2008

 

Listing Inventory 2011 – 2014 Single Family Dwelling

Single Family Listing Inventory Graph 2005 - 2008

 

 
Average Price 2011 – 2014 Single Family Dwelling

Single Family Home Average Price Graph 2000 - 2008

 

Major Cities Report
Victoria:

January Real Estate Market Starts on Solid Ground
Victoria’s real estate market had a solid start in January, re-establishing momentum after the holiday season. Total MLS® sales in January were 342, a 16.3% increase over January 2013. The MLS® HPI single family home benchmark price for the entire Greater Victoria region was $481,200 in January, a 1.7% decrease when compared to the January 2013 value of $489,400.

Total waterfront single family homes sold in January: 7
Total non-waterfront single family homes sold in January: 186
Total single family homes sold over $1 million in January: 10 (1 over $3 Million)

   
Vancouver:

Steady Trends Continue in the Greater Vancouver Housing Market
The first month of 2014 saw home sales and listing totals outpace historical averages in the Greater Vancouver housing market.
Last month’s sales were 7.2% above the 10-year sales average for the month. With the sales-to-active-listings ratio at 14%, the region remains in balanced market territory. Sales of detached properties in January 2014 reached 728, an increase of 34.3% from the 542 detached sales recorded in January 2013, and a 10.5% increase from the 659 units sold in January 2012. The benchmark price for a detached property in Greater Vancouver increased 3.2% from January 2013 to $929,700.

   
Calgary:

Positive Start to the New Year
Sales activity and prices improved over 2013. On the heels of a strong year of sales growth, January sales in the city of Calgary totaled 1,440 units, a 17% increase over the previous year. The unadjusted single family benchmark price was $476,700 in January, a 0.95% increase over the previous month and a 9.1% increase over the previous year.

   
Edmonton:

Local Housing Sales and Inventory up in Stable Market
On the Edmonton MLS® system, residential home inventory rose 16% in January. Typically just over 1,800 homes in the Edmonton CMA (census metropolitan area) come onto the market in January. Last month’s listings of 1,842 were higher than the 783 listed in December. Sales figures (adjusted) of 885 properties (820 reported) were higher than a typical January and higher than sales in December and January 2013. The increased inventory of 3,537 (up from 3,049 in December), kept prices stable in all housing categories.
The residential sales-to-listing ratio was 45% and the average days-on-market was 61 days in January compared to 73 days in January 2013. There have been four property sales over a $1 million already this year but half of the SFDs sold in January were sold at or below the median price of $385,000.

   
Toronto:

Average Selling Price Up Strongly in January
Home ownership in the Greater Toronto Area remains affordable and there are many people looking to purchase a home. In January, the number of homes listed for sale was down quite strongly compared to last year, which means that it was difficult for some buyers to find a home. Greater Toronto Area REALTORS® reported 4,135 sales through the Toronto MLS® system in January 2014. This result was down by 2.2% in comparison to January 2013. New listings entered into the system were down over the same period by 16.6 % to 8,822. The average selling price for January 2014 sales was $526,528 – up by more than 9% compared to $482,080 in January 2013.

   
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More pictures and information here.

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

Each Office Independently Owned and Operated.