Kelowna And Area Single Family Dwellings (SFD) Activity
Wow, what a year it is going to be. Calgary and Alberta are booming and we are seeing this benefit. Take a look at the graph below “Percentage of Sales to Listings Ratio”, see the clear separation between April forward this year, compared to the previous years. 159 SFD (Single Family Dwellings) sold in November here in the Central Okanagan. This was the highest since 2007. In Kelowna and area there have been over 2,000 SFD sell already this year. The last year we went over 2,000 SFD sales, was in 2007.
The activity is mostly under $500,000 making up about 80% of all sales. Only 5% of all sales reach over $700,000. Of the inventory over $700,000 only 2-3% sells every month compared to 14% of all single family dwellings, 12% of townhomes, 5% of apartments and only 1.3% of the lots selling in November.
Sales in the Single Family Dwellings (SFD) reached 159 this November which is 14% above November 2012 and was the best November since 2005.
The number of active listings is 1,108 which is 19.7% lower than November 2012. YTD the total listings taken is 6.3 % lower than the same period last year.
Percentage of Listings vs. Sales
14.4% of the listing inventory sold in November This was similar to the previous month, but far above November 2012, which had only 10% of the listings selling. As you can see in the graph 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 $458,171 last month.. Year to Date, we are at $462,272 which is slightly lower than in 2012, by 1.2%.
Million $ Plus
The MLS system shows that a total of 9 properties sold in November over $1 Million These were: 2 Lakefront Homes, 6 Single Family Dwellings, and 1 Farm.
Compared to other areas and cities, Kelowna is now well priced and reasonable, not to say undervalued. Our last strong market was in 2007-2008. For the last 5 years we have had a buyers market. People are eager to go forward and they are getting tired of waiting. We are looking forward to a strong spring. Our sales to listing ratio graph says it all, you can see clearly the separation in activity.
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