Kelowna And Area Single Family Dwellings (SFD) Activity
Sales of Single Family Dwellings (SFD) reached 166 this October, which is 36% above October 2012 and was just one sale under the average of the last 22 years. This was again, the highest since 2009.
The number of active listings is 1,238 which is 18.2% lower than October 2012. YTD the total listings taken is 6.8% lower than the same period last year.
Percentage of Listings vs. Sales
13.4% of the listing inventory sold in October. This is similar to September, but far above October 2012 with only 8.1 % of the listings selling. As you can see in the graphs below, we are just under a balanced market. Between 15% and 25% of the listings selling is considered a balanced market.
Average Price is Stable
The average price here in Kelowna was $481,993 last month. Year to Date, we are at $462,617 which is slightly lower than 2012, by 1.1%.
Million $ Plus
The MLS system shows that a total of 9 properties sold in October over $1 Million These were: 2 Lakefront Homes, 2 acreages, 4 Single Family Dwellings, and 1 Apartment Block. (One property sold for $9.8 Million on an 8 acre parcel with 470 ft of lakeshore in Okanagan Centre.)
We are happy to see the sales-to-listing ratio holding strong since April. It is currently at about 14%, compared to about 8% in the last 4 years, as you can see in the graphs below.
Our average price went up, to just to under $500K and our over $ Million activity was low with only 4 SFD sold which makes it a strong month. (The other transactions over a $ Million are excluded from the stats)
We see a trend towards a strong 2014.
Also see CMHC Fall 2013 Housing Market Outlook
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