Kelowna’s Market Has Split – RE/MAX Kelowna

October Real Estate News

November 2014

October was a strong month for Kelowna, one of the strongest ever. But we are seeing an interesting split happening.
We have two different markets now that are split by price. Homes that are priced under $500,000 are in a sellers market with multiple offers and even over asking price sales.
However, over $500,000 it turns into a more balanced market.
The $700,000+ range quickly turns into a buyers market.

Kelowna and Area Single Family Dwellings (SFD) Activity


Sales in the Single Family Dwellings (SFD) reached 206 this October. This is 22% higher than 166 sales in October 2013 and is also one of the highest Octobers ever for Kelowna and area.


There are currently 1,052 active listings, which is 15% lower than in October 2013. This is the lowest inventory in October since 2007 and is reflected in the Percentage of Listings vs. Sales.


19.3% of the listing inventory sold in October, which is the highest October since 2007. As you can see in the graph below, the change happened in April this year and stayed that way, which has kept us in a balanced market.


The Single Family Dwellings (SFD) average price for Kelowna is $496,639. It has been around the $500K mark for the last 7 months.

Million $ Plus

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

Very interesting

Edmonton reports another “hot” market in houses priced over a million dollars. 125, million dollar plus homes have sold in 2014. Compared to Kelowna, we’ve seen over 160 residential properties over a million sell so far this year.  

Major Cities Report

 

Victoria

Strong Victoria Real Estate Market Again in October

565 properties sold in the region this September – an increase of 16% compared to the 487 properties sold in the same month last year. The quarter ending in September shows a 15% increase in the number of sales overall compared to the same quarter in 2013.  The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $550,900. This month the benchmark value increased to $556,200.

Vancouver

Metro Vancouver Home Sales Above Average in October

Last month’s sales were 16.6% above the 10-year sales average for October. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,851, a 9.2% decline compared to October 2013.. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,000. This represents a 6% increase compared to October last year. Sales of detached properties in October 2014 reached 1,271, an increase of 19.1% from October 2013, and a 60.9% increase from the 790 units sold in October 2012.

Calgary

Calgary Resale  Housing Market Moves Toward More Balanced Conditions. Price Growth Eases as Supply Improves

As of October, only 18% of new single-family listings were priced below $400,000 and only 387 remained in inventory by the end of the month. Single-family, apartment and townhouse benchmark prices totaled a respective $513,500, $299,800, and $337,800 in October. While all sectors saw unadjusted monthly prices level off and growth ease, year-over-year increases remained above 9% across all categories due to gains achieved this past spring.

Edmonton

Market Begins Seasonal Cool Off a Little Later this Year

The seasonal slide is reflected in the dip in single family sales, down 12% from last month at 850 sold (918 adjusted).  While still up almost 8% from last year, single family prices dipped down from $436,870 in September to $426,848 in October, a difference of 2.3%.

Toronto

October 2014 Sales & Average Price Up Year-Over-Year

Greater Toronto Area REALTORS® reported 8,552 sales through the Toronto MLS system in October 2014. This result represented an increase of 7.7 % compared to October 2013. New listings were also up on a year-over-year basis, but by a lesser 3.4%. The average selling price for October 2014 transactions was $587,505 – up 8.9 % compared to the average of $539,286 reported for October 2013

9th Floor Corner Unit with Lakeviews

#903-1947 Underhill Street
2 Bed | 2 Bath | 1,350 sqft | Built 2005 | Concret Building | $399,800

9th Floor Corner Unit with Lakeviews

#903-1947 Underhill Street
2 Bed | 2 Bath | 1,350 sqft | Built 2005 | Concret Building | $399,800

Park Place-Enjoy one of the greatest buildings in Kelowna of concrete/steel construction. This south-east facing 1,350 sqft 2 bedroom + den clean, bright & spacious unit boasts 9′ ceilings w/ the bedrms + den situated at opposite ends for extra privacy. Features gleaming oak hardwood floors, great kitchen w/ maple cabinetry, S. steel appliances & granite top island by bayed out nook bar with lake views. Wake up to the sunrise in this lge master suite w/ bayed out reading area, walk-in closet & en-suite. In addition it offers gas fireplace (covered in strata fees), lge view windows, A/C, dble French doors to den, garden glass dr to lge 110 sqft terrace. Park place offers some of the best amenities in Kelowna inc outdoor pool, hot tub, tennis, car wash, home theatre, social/games rm, fitness rm, library, guest suite, workshop & more. Fantastic location across from Orchard Park mall, Mission Creek trails and park, banking, grocery shopping, restaurants… It’s all here for you to enjoy!
View more photos, information and video walkthrough available here