Kelowna Market Update
Kelowna is on the way to a more balanced market. We anticipate an improved 2012 with a steady increase in sales activity, downward trend for listing inventory, and stable home prices for balanced market conditions. Ongoing near record low interest rates will bring more first time buyers into the market. The Alberta economy is improving, the oil patch will continue to rebound in 2012 and we will benefit from it as well. We have already noticed more activity over Christmas, New Years as well as in January.
If you are thinking of selling in the near future, this is a great time to put your home on the market as there is less competition now than in the spring.
Sales in the Single Family Dwellings (SFD) improved and reached 102 here in January which is 3% above 2011 but is 15% below our 20 year average which is 117 sales.
Listings For Sale shows a slight increase to a total of 1,261 which is 2% over last year’s January but 15% below 2009 and way above the middle 2000s which were around the 700 number mark.
Percentage Listings vs Sales we are showing some improvement, but we are still clearly in a buyer’s market at 8.1% of the listing inventory selling, but above last year of 7.7% and 3.7% in 2009. If we compare to a strong market we have a long way to go which was in the middle 2000s at about 25% listings selling.
Average Price slightly dropped down to
$415,358 which is 5% below 2011 of $435,065. The median came in at $403,600 but only 1.6% below last year. The price changes are related to the composition of what was sold. The decline in average price is due to the rise in sales in the under $500,000 mark, as well as the decline in the number of homes sold in the upper-price ranges.
Only one property sold over $1 Million in January 2012 compared to 5 in 2011.
This is still a great time to buy real estate!
Remember, Good Deals Are Not Found, They Are Made.
The greatest compliment we can receive are the referrals from our clients, friends and acquaintances.
Major Cities Report
Sellers need to be aware that average prices trending up or down may not apply to their market area. They should consult with their REALTOR® regarding prices in their own neighbourhood communities.
Victoria: January 2012 Shows Increased Activity in Victoria Real Estate Market
While the average price for a single family home in Greater Victoria softened slightly (3.62%) in January 2012 when compared to January 2011, sales over the same period have increased by 9.4%. “Buyers are still price sensitive and very aware of the market values of homes. 9 Single Family Dwellings sold over $1 million: (none over $2 million)
Vancouver: Selection Broadens And Demand Eases To Kick Off 2012 In The Greater Vancouver Housing Market
Home sellers were more active than buyers in January and overall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stability and less fluctuation compared to the beginning of 2011. Residential property sales in Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9% decrease compared to the 1,658 sales recorded in December 2011, a decrease of 13.3% compared to the 1,819 sales in January 2011 and an 18% decline from the 1,923 home sales in January 2010. The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5% increase compared to December 2011 and an increase of 20.2% compared to January 2011.
Canada Mortgage and Housing predicts the average price of a home in Greater Vancouver will rise to just over $800,000 by the end of 2012, compared to $796,000.on November 30, 2011.
Calgary: Housing Market Points Towards Price Stability
The year-over-year volume of residential sales in the City of Calgary dropped, but the inventory of available homes declined even faster in January 2012. The City of Calgary residential market recorded 1,078 sales in January, nearly1% below the same month in 2011. This is in part related to the drop in new listings, which declined by 8% over January 2011, causing inventory levels to continue to contract over 2011.
Edmonton: Price And Sales Stability Maintained In Local Housing Market
Prediction is for a slow but steady growth pattern for the market in 2012 and, as usual, this year started off slowly but is already showing signs of strength as we roll into spring. Listing and sales activity is up markedly as compared to a year ago. In January, the average price of a single family detached (SFD) home was $362,926, down just 1.1% from December 2011. 1 year ago the average price was $354,180.
Toronto: Strong Sales/Price Growth Continue in 2012
4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8% higher than the 4,199 sales reported in January 2011. The average selling price for January 2012 transactions was $463,534 – up by almost 9% compared to January 2011.