Kelowna Real Estate News

December 2018

Sales continue to slow as we move into December and January (the slowest time of the year).

Single Family Homes have teetered on the edge of a balanced and buyers market for the last 5 months now.  This appears to be the new “normal”. It is causing downward pressure on prices over $800,000, and especially between $1-1.5M where only 4% of the 220 listings are selling per month. Still, sales numbers are in line with the 10 year average.

Townhomes have also seen a steady incline of inventory over 2018. With 353 units for sale, this puts us in line with 2013/2014. The 42 sales are also in line with the 10 year average of 41.7 and are also the same as 2012-2014

Apartment/Condo construction starts are up 59% year over year and active listings are up 56%.  As more inventory comes online, we expect apartments to stay in a buyers market for the foreseeable future.

Major Cities Report


Market Chills Our For Winter

A total of 498 properties sold this November, this is 25.8% fewer than sold last November. Sales of condos were down 30.9 %, Single family homes were down 20.8% both from last November. Benchmark value for a  single family home in the Victoria core in November 2017 was $832,800 rising by 3.9% to $865,200. There were a total of 2,343 active listings for sale in November 2018 and increase of 32.8% compared to November 2017.


Metro Vancouver Home Sales Down Across All Property Types

A total of 1,608 for November 2018, a 42.5% decrease since November 2018. Sales fell 34.7Marking the lowest sales for one month period since 2008. There were 3,461 detached, attached and apartment homes newly listed for sale, this represents a 15.8% decrease compared to the 4,109 homes listed in November 2017. The total number of homes currently listed for sale is 12,307, a 40.7% increase compared to 8,747 in November 2017. The home price index states the benchmark price for all residential properties is $1,042,100, a 1.4% decrease year over year.


Challenging Economic Conditions Continue to Impact the Resale Market

A total of 1,171 units were sold in the month of November. New listings were down by 7% compared to November 2017 with 6,501 units in overall inventory which is 32% higher than last November. The citywide benchmark price was $422,600 3% lower than last years average.


All Residential Unit Sales and Prices Decrease, Inventory Up.

For the month of November, all residential unit sales decreased 10.56% year over year. Single Family Home unit sales are down 5.66%, duplex/rowhouse unit sales decreased by 6.61% relative to November 2017. New listings increased 9.97% and inventory increased 9.86% year over year. Average prices declined, with the price of the Single Family Home to $421,715, a decrease of 4.55% since last year. Condominium prices decreased 6.07%and Duplex/Rowhouses 3.36% year over year. Average days on market for single-family homes increased to 66 days from 59, Condominiums went from 72 up to 80 and duplex/rowhouses increased to 71 from 59 days from November 2017.


Continued Moderate Growth For November

The average selling price was up by 3.5% year over year to $788,345 and the composite benchmark was up by 2.7% year over year. With 6,251 residential transactions through the MLS system. There were 6,251 reported residential transactions, down by 14.7% November 2017.

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