Kelowna And Area Single Family Dwellings (SFD) Activity
Great start for Kelowna into 2014
Although January did not break records, we saw an overall increase of 4% in sales of single family homes, apartments & townhomes combined, over January 2013.
The activity in townhomes is steadily increasing with numerous projects coming on stream that are ideal for first time buyers and single parents. The average price for townhomes is in the mid $300,000 range and the majority are newer, built year 2000 and up. Very few were built before 1990. People like fine, clean, well maintained properties in good locations.
Sales in the Single Family Dwellings (SFD) reached 105 this January which is similar to 107 sales January 2013.
There are currently 985 active listings, which is 17.1% lower than January 2013. This is the lowest inventory since 2008.
Percentage of Listings vs. Sales
10.7% of the listing inventory sold in January, which is low, but is really not too bad for a January. Looking back into the history it is the highest January since 2008, but don’t look back at January 2009, where only 3.6% of the listings sold, as you can see in the graph below. We are looking forward to a balanced market, between 15% and 25% of the listings selling is considered a balanced market.
The average price here in Kelowna is stable, and was $449,674 last month. For the year of 2013, we averaged of $462,921 which is slightly below 2012, by only 1%.
Million $ Plus
The MLS system shows that a total of 7 properties sold in January over $1 Million. We noticed 2 commercial properties, 2 farms and 3 residential sales, these were: 1 lakefront home, 1 single family dwelling and 1 acreage.
We see articles in the newspaper, on the internet or on TV all the time about real estate with opinions about the market being good or bad. We like to look at the numbers, as they don’t lie. January came in strong, with great signs for a good year, and not just for Kelowna. Looking at the major cities report below, you can see the rest of Canada is also doing well. Our big neighbour to the East (Alberta) is doing great and our dollar slipped which is good for exports. We feel 2014 will be a good year for real estate in Kelowna!
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