June 2014 Kelowna Real Estate News



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

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Thank you! We are so proud to have been voted Top 3 realtors in Kelowna, for the second year in a row!

Kelowna is on a roll with the second month in a row of 20% of the homes sold; something that we have not seen since 2007 here in Kelowna. We certainly can see now a new trend forming. Sales are up 12% and inventory is down by 16% for May 2014 compared to May last year.
Because of the increased activity in the higher price range, our average price came in at over $500K. As previously said, that does not necessarily mean that your home increased in value. Only 30 homes or 10% sold over $700K not including waterfront or acreages.
Good news for investors, the vacancy rate declined to 1.8% from 4% and is expected to decline further to 1.5%. CMHC said it and we also believe that we have a strong 2014 ahead of us.

Sales
Sales in the Single Family Dwellings (SFD) reached 293 this May which is 12% higher than 261 sales in May 2013 and also the highest May since 2007.
Listings
There are currently 1,339 active listings, which is 16% lower than May 2013. This is the lowest inventory in May since 2007 and is reflected in the Percentage of Listings vs. Sales.
Listings vs. Sales
21.8% of the listing inventory sold in May, which is the highest since 2007 and keeps us in a balanced marked. Right now Calgary sells about 50% of the inventory and Vancouver sells 20%.
Average Price
The SFD Single Family Dwellings average price for Kelowna is $500,919, this is the second time this year that it has gone over the $500K mark. The other years with over $500K where only 2007 and 2008.
Million $ Plus
The MLS system shows that a total of 18 residential sales sold in May over $1 Million. These were: 7 Lakefront Homes, 6 Single Family Dwellings, 1 Strata and 4 Acreages. From the 18 over $1 Million, 2 were over $2 Million and 4 were over $3Million with the highest at $6 Million.

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:

Spring Sales Continue to Rise in the Victoria Market
714 properties sold in the region in the month of May 2014 compared to 659 in May 2013 – an increase of over 8% year over year. Compared to last month in April, there were 7.5% more sales..
In May 2013 the MLS® Home Price Index benchmark price for a single family home in Greater Victoria was $493,600. This year in May the benchmark home value reached $498,500 – a modest 1% increase year over year.

   
Vancouver:

Home Buyer Demand Increases Across Greater Vancouver Housing Market
An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This represents a 14% increase compared to the 2,882 sales recorded in May 2013, and a 7.7% increase compared to the 3,050 sales in April 2014.
Last month’s sales were 6.5% below the 10-year sales average for May of 3,514.
The sales-to-active-listings ratio currently sits at 20.4% in Greater Vancouver, which is the first time that this measure has been above 20% since June 2011.
Sales of detached properties in May 2014 reached 1,453, an increase of 19.9% from the 1,212 detached sales recorded in May 2013, and a 23.1% increase from the 1,180 units sold in May 2012. The benchmark price for detached properties increased 5.4% from May 2013 to $966,500.

   
Calgary:

Sales Improve as Consumers Have More Choice
City-wide price gains and better weather support year-over-year gains in new listings
Residential sales in the city of Calgary totaled 2,948 units in May, a 16% increase over the previous year. Sales last month were well above long-term trends and are the highest May activity on record.
While market conditions continue to favour the seller, improving supply has helped ease some of the tightness in the market.
The unadjusted single family benchmark price totaled $504,300 in May 2014, a 10% increase over the previous year.

   
Edmonton:

Municipalities Surrounding Edmonton Have Growth Spurt
In May, the average price of a single-family detached (SFD) property in the Census Metropolitan Area was up 2.2% to $438,279. The all-residential average price was $371,871; up 1.6% from April. Throughout the CMA, the average price for a condominium dipped 0.13% from April to $251,688.
There were 2,137 adjusted all-residential sales (1,979 reported) in May 2014 compared to 1,998 sales in April. There were 3,388 residential properties listed in May compared to 2,978 last month. The overall sales-to-listing ratio in May was 58% and average days-on-market was 41. End-of-month residential inventory was 5,634, up 14.7% from April.

   
Toronto:

Tight Market Conditions Prompt Strong Price Growth
The number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago.
Total TorontoMLS sales for May 2014 amounted to 11,079 – a new high for the month of May. This result was up by 11.4% compared to 9,946 sales reported in May 2013. The average selling price for these sales was $585,204, representing an 8.3% year-over-year increase compared to the average price of $540,544 in May 2013.
Average selling prices varied across the Greater Toronto Area, depending on geography and home type. A detached home in the City of Toronto sold, on average, for $943,055. In the surrounding GTA regions, the average detached price was $648,439. The average price for condominium apartments was $401,809 in the City of Toronto and $307,307 in the surrounding regions.

   
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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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