Are Houses Going Extinct? Kelowna Real Estate

 

January Real Estate News

February 2014

January had a slow start and one of the reasons was our huge snowstorm at the beginning of the month. As you may remember there was not much moving and we lost about 1 week of activity in the real estate market. The big question remains, and the wild card is the oil price; most importantly, how many layoffs will there be and how will it affect us. So far, February has been very busy with most of the action under $700,000. We also noticed a little improvement in the upper price range. With the change to a lower interest rate, we are now looking forward to a great spring.

 
Sales in the Single Family Dwellings (SFD) reached 88 this January. This is 16% less than 105 sales in January 2014 and is 25% below the 20 year average.


There are currently 867 active listings, which is 12% lower than in January 2014. This is the lowest inventory in January since 2007.


10.15% of the listing inventory sold in  January which dropped us back into a buyers market, especially in the over $700K price range


The Single Family Dwellings (SFD)  average price for Kelowna was $488,132 for January which is below the 2014 yearly average of $498,647 but 8.6% above January 2014

Strata Properties

A total of 78 units sold in Kelowna and area In January which was identical to January 2014

Million $ Plus

The MLS system shows that a total of 2 residential properties sold in January over $1 Million. These were: 1 Lakefront Home and 1 Single Family Dwelling.

Major Cities Report

 

Victoria

Victoria Real Estate Market Continues 2014’s Upward Trend

351 properties sold in the Victoria region this January, an increase of 2.6% when compared to the 342 properties sold in the same month last year. At the end of January there were 3,283 active listings for sale on the Multiple Listing Service®, a slight decrease from the 3,489 in January 2014. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $548,500. The benchmark value for the same home this month has increased by 2.39% to $561,600.

Vancouver

Home Buyers Remain Active Despite Reduced Selection

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,913 on the Multiple Listing Service® (MLS®) in January 2015. This represents an 8.7% increase compared to the 1,760 sales recorded in January 2014, and a 9.6%  decline compared to the 2,116 sales in December 2014. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $641,60022. This represents a 5.5% increase compared to January 2014. With the sales-to-active-listings ratio at 17.7%, the region remains in balanced market territory.

Calgary

Consumer Confidence Impacting Demand

Low oil prices throughout January, combined with a shifting outlook in the energy sector, caused unease for consumers. As a result, monthly housing sales activity fell to levels not seen in five years. A lack of recovery in oil has many concerned about their employment status and this concern is reflected through the weaker sales activity in Calgary’s January resale figures. Sales levels were over 35% lower than the 10 year average. Detached benchmark prices totaled $518,600 in January, similar to December levels, but a 7.9%  increase relative to January 2014

Edmonton

Listings Up and Sales Down Means Bigger Inventory

Residential listings are up almost 30% compared to January of last year.  Sales for January were 666 (not adjusted), down 13.5% month over month and down 25.9% from last year.

Toronto

Strong Start to 2015

Greater Toronto Area REALTORS® reported 4,355 home sales through the TorontoMLS system during the first month of the year. This result represented a 6.1%  increase over January 2014. During the same period, new listings were up by 9.5%. The average selling price for January 2015 home sales was up by 4.9%  year-over year to $552,575. The MLS® Home Price Index (HPI) Composite benchmark was up by 7.5% compared to January 2014.




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2 Bed | 2 Bath | 1,228 sqft | Built 1997 | $279,800

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View more photos, information and video walkthrough available here