April 2014 – Kelowna Real Estate Update

 

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

We are very proud to have been nominated for the second year in a row for Best of Kelowna.

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WOW. We finally see a real record month again, here in Kelowna.

20% of single family homes sold; something that was not heard of since 2007 here in Kelowna.

So what is happening you ask? It’s quite simple: Sales are up 21% and inventory is down 18%.

We all know supply and demand regulates the price, but at this point the average price came in very similar to the last three year average.

RE/MAX Kelowna experienced a record month and many deals we processed are still only pending and will hit the sales stats in May, which means May will come in very strong.

With most of the winter months past in the prairies now, we believe we will have a strong 2014 ahead of us.

Sales in the Single Family Dwellings (SFD) reached 262 this April which is 21% higher than 216 sales in April 2013 and also the highest April since 2008.

Listings There are currently 1,302 active listings, which is 18% lower than April 2013. This is the lowest inventory in April since 2007 and is reflected in the Percentage of Listings vs. Sales.

Percentage of Listings vs. Sales 20.1% of the listing inventory sold in April, which is the highest since 2007 and brings us into a balanced marked. The average for the last 6 years is just under 12% and in 2007 was 31%. Right now in Calgary it is about 70%.

Average Price

The Single Family Dwelling average price for Kelowna is very much the same as in the last three years at $468,257

Million $ Plus

The MLS system shows that a total of 11 residential sales sold in April over $1 Million. These were: 4 Lakefront Homes, 4 Single Family Dwellings, 1 Strata and 2 Acreages. From the 11 over $1Million, one was over $2Million and 3 were over $3Million.

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:

Market is on Track and Steady for Spring

664 properties sold in the month of April 2014, compared to 615 in April 2013 – an increase of nearly 8% year over year. Compared to last month in March, there were 15.5% more sales.

New inventory came on to the market; with almost 9% more new listings than the previous, which creates more choice for buyers. And though the total inventory level was higher than last month, it was still 4% lower than this time last year – approximately 180 fewer listings.

Vancouver:

Spring Buyers and Sellers Emerge

Home buyers and sellers became more active in the Greater Vancouver housing market in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,050 on the MLS® in April 2014. This represents a 16.1% increase compared to April 2013, and a 15.5% increase compared to March 2014.

Last month’s sales were 5.2% below the 10-year sales average for April of 3,217.

The sales-to-active-listings ratio currently sits at 19.7% in Greater Vancouver, which is the highest this measure has been since June 2011.

Calgary: Price Gains Encouraging New Listings

Following a slow start to the year, improved weather and price gains supported new listings growth. New residential listings in April totaled 3,754 units, an 8% increase over the previous year. Meanwhile sales activity totaled 2,545 units for the month, a 7% increase over April 2013.

Throughout 2014, the condominium apartment market has recorded new listing gains, while until April, the single-family sector saw a reduction in new listings,” says CREB® president Bill Kirk. “Many single-family homeowners have
been waiting for further price gains and the start of the spring market to list their homes.” Single-family sales in April totalled 1,736 units, representing
a year-over-year gain of 8% and a year-to-date increase of 9%. Meanwhile, single-family new listings totalled 2,584 units in April, a 7.4 % increase
over April 2013.

Edmonton: North Central Remains Busiest Sales Region of Edmonton

According to the REALTORS® Association of Edmonton the average price of a single family home (SFD) in April has dropped slightly from the high in March, even with the sale of 13 homes over a million dollars. In April, the average SFD price was down more than $5,000 to $427,685; a decrease of 1.5% from March but up 5.9% from the same month a year ago.

Toronto: Tight Market Conditions Prompt Strong Price Growth

The average selling price for April 2014 sales was $577,898 – up by 10.1% compared to the April 2013 average of $524,868. The MLS® Home Price Index (HPI) Composite Benchmark was up by 7% year-over-year. The MLS® HPI strips away price fluctuations resulting from a change in the mix of home types sold from one period to the next.

Featured Property

Walking Distance to Shopping, Parks & Trails

4 Bedrooms | 3 Baths | 2,142 sqft | Built 1992

116-1855 Leckie Rd
Across from Mission Creek Park
Now Only $275,000

Incomparable end unit on quiet side of welcoming family complex developed on 3 levels. Boasts new kitchen counter-tops, upgraded cabinetry, new faux wood blinds, new hot water tank and newer carpets. 4th bedrm up has own balcony-no closet. Massive livingrm with vault ceilings and sliding glass door. Master bedroom and lower level bedroom have walk-in closets. Patio and private part fenced yard with garden add to the uniqueness of this home. Small pets OK. Across from Mission Creek Greenway and short walk to Mall.

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.