7 FACTS about Kelowna Real Estate

 


Real Estate News

April 2016

Guess what? We predicted it in our January video that the market is changing, the next boom is coming and now you can read about it in the newspapers, on the internet or see it on TV. The Kelowna market is on fire! There you have it, and now, the next big questions:  How long will it last and how high will it go? Well, there isn’t anyone who can answer these questions accurately, but we can look at history and see that a boom usually lasts 3-5 years and prices go up 50-80% or more.

So this is a great time for move up buyers as they get top dollar for their lower priced home and a relative bargain in the higher price range as the demand isn’t as high in that higher prices yet. We all know supply and demand regulates the price.

Let’s talk real estate 1-250-868-8000
info@wolfhomes.com


Sales in the Single Family Dwellings (SFD) reached 303 this March which makes it the highest March ever in the history of Kelowna. This is 22% above the 249 sales in March 2015 and is 44% above the 10 year average. The second best March was in 2007 with 290 SFD selling.


Listings, there are currently 855 active listings, which is 23% less than March 2015. This is the lowest inventory in March since 2006.


Listings vs. Sales 35.44% of the listing inventory sold in March which is extremely good for March meaning we are deep in a sellers market especially under $600,000.


Average Price The Single Family Dwellings (SFD)  average price for Kelowna was $566,762 for March which is the highest for Kelowna ever.

Strata

(Apartments and Townhomes)
A total of 226 units sold in Kelowna and area this March. 33% of the listing inventory sold in Townhomes and 30% of Apartments sold. That is very strong for Kelowna.

Lots

Only 29 lots sold on MLS out of 472 available this March which makes it a low 6% sell to inventory ratio.

Million $ Plus

The MLS system shows that a total of 23 residential properties sold in March over $1 Million. In March, these were: 4 Lakefront Homes, 17 Single Family Dwellings, 2 Acreages plus 2 Farms and 3 Commercial properties sold over $1Million

Final Comment

The market changed, which makes this the best time for move up buyers. It is the difference in price what counts. As an example, if everything increases by 10%, the $300,000 property becomes $330,000, and the $500,000 property becomes $550,000. The gap becomes larger. Please do not wait, time is working against you!

Major Cities Report

 

Victoria

Another Busy Month in the Victoria Real Estate Market

A total of 1,121 properties sold in the Victoria Real Estate Board region this March, an increase of 52.7 per cent compared to the 734 properties sold in the same month last year. Inventory levels remain lower than the previous year, with 2,618 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March, 30.5 per cent fewer than the 3,769 active listings at the end of March 2015. The MLS Home Price Index benchmark value for a single family home in the Victoria Core in March 2015 was $569,700. The benchmark value for the same home in March 2016 has increased by 16.4 per cent to $663,300.

Vancouver

March Sales Set an All-Time Record

Home sales eclipsed 5,000 in March for the first time on record. Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 per cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to February 2016 when 4,172 homes sold. Last month’s sales were 56 per cent above the 10-year sales average for the month. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,358, a 40.5 per cent decline compared to March 2015 (12,376) and a 0.8 per cent increase compared to February 2016 (7,299). Sales of detached properties in March 2016 reached 2,135, an increase of 24.8 per cent from the 1,711 detached sales recorded in March 2015. The benchmark price for detached properties increased 27.4 per cent from March 2015 to $1,342,500.  Apartment properties increased by 18.8 per cent from March 2015 to $462,800 and  the benchmark price of an attached unit increased 20.1 per cent from March 2015 to $589,100.

Calgary

Housing Prices Trend Down in March

Home prices declined further in March as economic conditions weigh on Calgary’s housing market. Provincial unemployment rates are at the highest level recorded since the early ‘90s. Calgary’s benchmark price totaled $442,800 in March, a 0.49 per cent decline over February and 3.51 per cent lower than levels recorded last year. March home sales in Calgary totaled 1,588 units, 11 per cent below the same time last year and 28 per cent lower than long-term averages for the month. Inventory levels rose by seven per cent to 6,084 units in March. Overall, months of supply has averaged five months in the first quarter of 2016.

Edmonton

Spring Sales Begin to Pick Up as Prices Hold Steady

1,364 properties were sold in the Edmonton Census Metropolitan Area (CMA) in March, up nearly 63% from the 837 homes sold last month, but down 6.13% from the 1,453 relative to March 2015. There were 863 single family detached homes sold in the Edmonton CMA, a 67% percent increase month-over-month, and down only 1.5% from the same time last year. March saw the sale of 335 condos and 144 duplex/rowhouses, up 44% and 82% from February, respectively. The average all-residential price was $379,524 for March, which is close to 3% higher than February, and up nearly 2% compared to $372,289 during the same in last year. Single family house prices averaged $439,815, up slightly over last year (up 0.56%) and up by 4.73% month-over-month. Condo properties sold for an average of $251,093, up from both last month and last year, at an increase of 1.62% and 0.55%, respectively.

Toronto

Strong Growth in Home Sales in March/Q1

There were 10,326 sales in March and 22,575 sales in the first quarter. The year-over-year growth rate for sales was 15.8 per cent for Q1 2016 and 16.2 per cent for March 2016. The MLS® Home Price Index Composite Benchmark for March 2016 was up by 11.6 per cent compared to March 2015. The average selling price for all home types combined was up 12.1 per cent year-over-year in March and 13.6 per cent in the first quarter. The average price of all properties was $688,181 and SFD (single family dwellings) in the downtown 416 area came in at $1,174,358. Out of 10,326 all properties total sales 1,540 were over $1Million or 15%.




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