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Best November Since 2007 |
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| Kelowna Market Update |
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November was a very strong month in sales for Kelowna and area. 140 single family homes sold! This was the best November since 2007 which came in at 157 sales. Compare this to September and October 2012 which was only half the sales of 2007 in their respective months. See the graph below for more information.
The change in rules we had come into effect recently, changed the maximum amortization from 30 to 25 years, easily resulting in an additional $200/month mortgage payment. This is impacting many first-time home buyers, therefore limiting the number entering the market. We find clients are being more cautious and analyzing all of their options.
Sales in the Single Family Dwellings (SFD) reached 140 in November which is 3% above 2011 and just below our 20 year average, which is 148 sales. Having said that YTD total sales is still about 6% over 2011.
Listings show a slight increase to a total of 1,381 which is 1% higher than last year’s November.
Percentage of Listings vs Sales We are still clearly in a buyer’s market at only 10% of the listing inventory selling.
Average Price Holding Steady
The average price here in Kelowna was $470,578 last month which is just above last year’s November, by only 1%. YTD we see a 1.3% reduction.
Million $ Plus
The MLS system shows only 8 properties sold in November over $1 Million. These were: 1 Condo, 2 Farms, 1 Lakeshore home and 4 Single Family Dwellings.
Conclusion
Right now we are still in a buyer’s market. We saw a good improvement in November but, we have to still be very aggressive to get good activity on listings and to obtain offers.
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The world population is now over 7 billion. China has about 20% of the world population and combined with India they have 37%, compared to the US 4.5% and we in Canada only 0.5%. Out of 242 countries, Canada is ranked #35 for population but number #10 in GDP.
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The greatest compliment we can receive are the referrals from our clients, friends and acquaintances.
| Victoria: |
Sales Slow but Steady in Buyers’ Market
Total MLS® sales for November 2012 were 366 compared to 373 the previous month.
202 single-family homes sold throughout the Victoria Real Estate Board’s region, compared to 293 in November 2011. The median price for single family homes was $540,000, up 1% from last November’s median of $536,500. The average price for the same period is up $48,373 (8%), but this is influenced by two sales over $2 million and one sale over $5 million. Month-over-month, the six-month average for single-family homes is flat.
17 Single Family Dwellings sold over $1 million, 2 over $2 million, 1 over $5 million.
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| Vancouver: |
Residential Property Sales and Listing Activity Below 10-year Averages in November
November sales were 30% below the 10-year November sales average of 2,420.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,758 in November. This represents a 14.4% decline compared to November 2011 and a 36.2% decline compared to the new listings in October 2012.
Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 4.5% to $596,900. This represents a 1.7% decline when we compare to this time last year.
Sales of detached properties in Greater Vancouver reached 629 in November, a decrease of 31% from the 916 sales recorded in November 2011, and a 40% decrease from the 1,050 units sold in November 2010.
Of the 1,686 homes that sold in Greater Vancouver in November, 273 (16%) sold for $1 million or more.
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| Calgary: |
Inventories Continue to Fall, But Sales Growth Eases to Keep Market Stable
Residential sales in the City of Calgary have increased by 15% on a year-to-date basis, and were up 8% in November compared to the same month in 2011. Inventories declined to 2,586 units and sales activity also declined over the previous month, keeping the market in balance. Meanwhile the unadjusted benchmark price for single family homes was $433,600 in November 2012, unchanged compared to the previous month, and 8.5% higher than levels recorded in November 2011. Price growth has been stronger than expected, mostly due the single family market.
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| Edmonton: |
Average House Prices Make Dramatic Leap in November
A significant lift in single-family detached prices from $372,061 in October to $382,923 in November drove up the all-residential average price from $324,924 to $331,198 (up 3.32% Y/Y). There were 51 sales reported for properties priced over $600,000 in November: the same number as reported in October. A year ago there were just 43 homes sold over $600,000.
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| Toronto: |
Sales Dip in November While Selling Prices Increase
Greater Toronto Area reported 5,793 sales in November 2012 – down 16% compared to November 2011. The average selling price was up by 1.6% annually to $485,328. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.6% compared to last year.
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| New Price! Sparkling Clean Family Home with Large Fenced Yard |
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3 Bedrooms + Den | 4 Baths | 3,307 sqft | Built 2007
772 Crozier Avenue
Now Only $549,900
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Experience this harmonious immaculate open plan home featuring 3 bedrooms + den, where pride of ownership is evident throughout. It boasts gleaming hardwood floors, walls of windows, 2 fireplaces, gourmet maple kitchen, S.S. appliances plus lake and mountain views from the huge 16×10 deck off romantic massive master. Extras include rec & games rooms on lower level, French garden + leaded bevelled French doors, security system, A/C, heat pump, B/I vac, gas BBQ hookup, hot tub, shed, fenced with timed U/G irrigation and extra large double garage
For more pictures, video walkthrough and information here.
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250-868-8000
info@wolfhomes.com
RE/MAX Kelowna
#100 – 1553 Harvey Av.
Kelowna, BC, V1Y 6G1
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| Each Office Independently Owned and Operated. |
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