The Market is WHAT??

 

Kelowna Real Estate News

March 2016

Already two and a half months into the new year and our market has been very strong, some might even say ON FIRE. Inventory is very low and sales are way up. Once again, we had the best February in 10 years (since 2006) with 24% of the listings selling. (See graph below) Multiple offers are nothing special anymore, and sometimes even expected under $600,000. It’s a sellers market in that price range. People like nice and clean or newer/updated properties. This is evident in the townhomes sales, as we saw 30% of inventory selling in February. Lot sales have been slow with only 15 lots sold so far this year compared to 21 last year. All signs are pointing to a very strong spring market with no signs of slowing any time soon.

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Sales in the Single Family Dwellings (SFD) reached 194 this February which makes it one of the highest February ever in the history of Kelowna. This is 8% above the 180 sales in February 2015 and is 25% above the 10 year average.  This was the best February since 2006


Listings, there are currently 797 active listings, which is 19 listings less than February 2015. This is the lowest inventory in February since 2006.


Listings vs. Sales 24.34% of the listing inventory sold in February which is very good for February meaning we are in a sellers market especially under $600,000.


Average Price The Single Family Dwellings (SFD)  average price for Kelowna was $552,761 for February which is one of the highest for Kelowna ever.

Apartment and Townhomes

A total of 168 units sold in Kelowna and area this February. 30% of the listing inventory sold in Townhomes and 21% of Apartments sold. That is very strong for Kelowna especially compared to single family homes at 24%.

Million $ Plus

The MLS system shows that a total of 17 residential properties sold in February over $1 Million. In February, these were: 4 Lakefront Homes, 9 Single Family Dwellings, 2 Strata Units, 2 Acreages

Lots

17 lots sold on MLS out of 425 available this February which makes it a low 4% sell to inventory ratio.

Major Cities Report

 

Victoria

February Sales Expose Extraordinary Demand for Victoria Area Properties

A total of 772 properties sold in the Victoria Real Estate Board region this February, an increase of 42.4 per cent compared to the 542 properties sold in the same month last year. Inventory levels are lower than the previous year, with 2,562 active listings for sale at the end of February, 26.4 per cent fewer than the 3,480 active listings at the end of February 2015. The MLS Home Price Index benchmark value for a single family home in the Victoria Core in February, 2015 was $557,000. The benchmark value for the same home in February 2016 has increased by 14.7 per cent to $638,700.

Vancouver

Metro Vancouver Home Buyers Set a Record Pace in February

Last month was the highest selling February on record for the Metro Vancouver* housing market.
Residential property sales in the region totalled 4,172 in February 2016, an increase of 36.3 per cent from the 3,061 sales recorded in February 2015 and an increase of 65.6 per cent compared to January 2016 when 2,519 homes sold. Last month’s sales were 56.3 per cent above the 10-year sales average for the month and rank as the highest February sales total on record. The sales-to-active listings ratio for February 2016 is 57.2 per cent. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $795,500. This represents a 22.2 per cent increase compared to February 2015. Sales of detached properties in February 2016 reached 1,778, an increase of 37.2 per cent from the 1,296 detached sales recorded in February 2015. The benchmark price for detached properties increased 27 per cent from February 2015 to $1,305,600. Apartments benchmark price was $454,600 and Townhomes were $569,600

Calgary

Housing Sales Slower Than Typical February.

Monthly prices decline for 5th consecutive month. February sales totaled 1,127 units in Calgary, a 6.63 per cent drop over last year and 37 per cent lower than long-term averages for the month. City wide unadjusted benchmark prices totaled $445,000 in February, a 0.63 per cent decline over January and 3.45 per cent lower than levels recorded last year. The detached benchmark price totaled $504,400 in February, a 0.71 per cent decline over the previous month and 3.19 per cent below February 2015 levels

Edmonton

Housing prices Hold Steady as Inventory Grows

Residential inventory saw another significant increase in February, surpassing 6,000 listings on the market, ending the month with 6,681 properties for sale on the MLS® System for the Edmonton Census Metropolitan Area (CMA). That’s a 16.17% increase over last month, and 33.41% more homes listed for sale than February 2015. Sales for February were up 36.54% month-over-month at 837 compared to 618 in January, but 10.1% lower than the 931 properties that sold during the same time last year. Single family house prices averaged $419,940,

Toronto

Record February Sales

There were 7,621 transactions reported this past February – up 21.1 per cent compared to February 2015.
Seller’s market conditions continued throughout the GTA in February. The MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3 per cent year-overyear. The average selling price was up by 14.9 per cent annually to $685,278.




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