As Hot As They Say It Is? [VIDEO] Kelowna Real Estate

 

June Real Estate News

July 2015

Yes, it is as hot as everyone is saying. Our market gained more momentum. We saw a record June with 313 Single Family Dwellings (SFD) sold, this makes it the second best June in the last 25 years after 2007. Townhomes and apartments also had a record month. Looking at all residential transaction combined we are up by 15% for the first 6 months compared to last year. Lot sales are still lagging by 22% over last year. We noticed a bit of a slowdown since the HOT weather started.


Sales in the Single Family Dwellings (SFD) reached 313 this June. This is 8% higher than 289 sales in June 2014 and is 30% above the last 10 year average.


Listings there are currently 1,191 active listings, which is 10% lower than in June 2014. This is the lowest inventory in June since 2007 and 2% lower than last month.


Listings vs. Sales 26.3% of the listing inventory sold in June which is the highest for any month since 2007. We now just entered into a seller’s market meaning above 25%, there is upward pressure on prices (sellers’ market).


Average Price The Single Family Dwellings (SFD)  average price for Kelowna was $526,897 for June which is the highest so far for 2015.

Apartments and Townhomes

Apartment and Townhomes A total of 235 units sold in Kelowna and area this June. Big pressure on Townhomes as 30% of the inventory sold in June at an average price of $360,000. Apartments also had a record month with 20% of the inventory selling last month at an average of $250,000.

Lots

Lots 25 lots sold on MLS out of 507 available this June which makes it a low 5% sell to inventory ratio. Sales YTD reached only 96 compared to 123 lots sold for the first 6 month last year that is a 22% decline.

Million $ Plus

The MLS system shows that a total of 13 residential properties sold in June over $1 Million compared to 17 in May or 67 YTD. In June, these were: 5 Lakefront Homes, 7 Single Family Dwellings and 1 Acreage. Three of the properties went over $2 Million and the highest was $4.1 for a home on the lake.

Major Cities Report

 

Victoria

Market Remains Hot as Spring Trend Continues into Summer

A total of 910 properties sold in the Victoria Real Estate Board region this June, a 33.8% increase compared to the 680 properties sold in the same month last year. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $568,600. The benchmark value for the same home this month has increased by 4.61% to $594,800. There were 4,003 active listings for sale on the Multiple Listing Service® at the end of June, 14.7% fewer than the 4,695 active listings in June 2014.

Vancouver

Metro Vancouver home sales set record pace in June

Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver. The REBGV reports that residential property sales in Metro Vancouver* reached 4,375 on the Multiple Listing Service® (MLS®) in June 2015. This represents a 28.4 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015. Last month’s sales were 29.1 per cent above the 10-year sales average for the month. It’s the fourth straight month with over 4,000 sales, which is a first in the REBGV’s history. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3 per cent increase compared to June 2014. The sales-to-active-listings ratio in June was 35.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2006. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900.

Calgary

Calgary Inventory Levels Ease

June’s sales were 18 per cent lower than the same month last year, new listings totalled 3,122 and prices were essentially flat. The second quarter figures show that the worst may be over with year-over-year declines in sales of 22 per cent, down from 32 per cent in the first quarter.
The apartment sector in Calgary is showing the greatest weakness in absorption rates, creating downward pressure on prices, although still 1.65 per cent above last year’s average on an adjusted basis.
Detached homes reached a benchmark price of $515,500, up 0.4 per cent from the same month last year; the year-to-date figure is 3.44 per cent higher than the same period last year.

Edmonton

Slower Market Beginning to Take a Turn

For the first time in 2015, the REALTORS® Association of Edmonton recorded an increase in year-over-year reported sales for the month. June 2015 Census Metropolitan Area (CMA) had 2,008 reported sales for all residential properties, 2.4% over the 1,961 all residential sales reported in June 2014. This number includes 1,243 single family dwellings (2.1% more than 2014). Single family prices were up 2% year-over-year at $444,862 for June 2015. Condo prices continue to remain static at $255,662. Duplex/rowhouse are still popular and have seen price growth of 2% year over year. June prices have dropped slightly from May by 1.4% for single family, 0.1% for Condo and 0.8% for all residential.

Toronto

Record Sales and Strong Price Growth in June

The average selling price for November transactions was up by 7.4% year-over-year to $577,936. The year-to-date average price was up by 8.4% to $567,198. The MLS(R) Home Price Index Composite Benchmark price for November was up by 7.7% compared to a year earlier.




Family Space & Private Outdoor Fun At Its Best

253 Magic Drive 
4 Bed | 3.5 Bath | 3,124 sqft | Built 1996 | $559,800

Over 3100 sq.ft. of great family living! The children will love living here & playing in the large fenced backyard. This home has been cherished by its owners and is looking for a new family. It boasts gleaming oak hardwood floors and welcoming livingrm w/ massive arched window. Candlelight & wine dinners can be yours in this formal diningrm offering wall to wall B/I fine cabinetry. The easy step saving kitchen & large bayed out nook is located next to the 17×13 familyrm w/ gas fireplace & opens to a 30×10 sunroom for your extra enjoyment and access to the lower level patio & yard. Lower level is perfect for extra family fun & entertainment offering a 4th bedrm, laundryrm, 4 pc bath, den/hobbyrm, recrm + gamesrm with fireplace & opens to a 52×10 patio. From this level you can access the massive outdoor deck w/ enclosed wood gazebo + additional canape gazebo built w/ maintenance free steel frame beams for extra support. The steps also have steel support & lead you to another level passing the tiered garden walls where you will find another gazebo, pergola and greenhouse. The attached double garage is a handy man dream and has its own 220 power circuit & loads of built-ins. This home includes many extras; numerous built-ins throughout, A/C, alarm, appliances, new 40 year roof in 2004, in the last 4 years there is a new hot water tank, furnace, sunroom, front steps and much more. Located in prestigious Magic Estates just steps to hiking trails of Knox Mountain Park and beach.
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