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Market Update
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Kelowna
housing starts, led by the multi-family sector surged ahead in the
first quarter pushing housing starts to the highest level since
2005. Builders are responding to sharply increased demand for
higher density housing. With few detached units available for less
than $400,000, more first-time buyers are turning to townhouses and
condominiums. Retirees and buyers seeking resort oriented housing
and second residences are also key sources of condominium demand.
The latter buyer group is the fastest growing segment of Kelowna’s
condominium market. Starts of detached housing recorded a smaller
increase since last year.
“CANADA’S HOUSING MARKET REMAINS STABLE MODERATE PRICE INCREASES IN
FIRST QUARTER”
(for the
complete Royal LePage Survey of Canadian House Prices for 2008 first
quarter —please contact me for an electronic copy)
As we head into the busy spring season, listing inventory is pouring
onto the marketplace, driven by an increase in condo listings of 48%
over this time last year—indications that the condo market is
becoming more balanced. The gap is beginning to widen as overall
sales show a drop of 16% most notably in the single family
residential sector where sales are down close to 20% and inventory
up nearly 16% year to date compared to 2007. The condo market is
showing nearly nine months of inventory on the market at this time
based on the current consumption rate and single family homes are
selling in approximately 63 days according to this quarter’s
statistics. The townhouse market tightened up a bit in March,
showing an increase in inventory of a more modest 12%, but this
catches up to the number of listings that came onto the market
earlier last year and is now showing an inventory increase of 55%
over Jan.—Mar. 2007. Sales in the townhouse market dipped by 48% in
March 2008. Average days on the market for a townhouse sale is now
84 days, close to 22% longer than last year at this time. |
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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1225 |
173 |
1364 |
460 |
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SUMMARY OF
RESIDENTIAL SALES |
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Price Range |
2008 |
2007 |
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0 - |
$200,000 |
0 |
6 |
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$200,001 |
$240,000 |
1 |
8 |
| $240,001 |
$280,000 |
10 |
18 |
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$280,001 |
$320,000 |
12 |
50 |
| $320,001 |
$360,000 |
29 |
125 |
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$360,001 |
$400,000 |
68 |
103 |
| $400,001 |
$440,000 |
81 |
93 |
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$440,001 |
$480,000 |
70 |
63 |
| $480,001 |
$520,000 |
69 |
47 |
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$520,001 |
$560,000 |
61 |
39 |
| $560,001 |
$600,000 |
40 |
30 |
| $600,001 |
$999,999 |
83 |
70 |
| $1. Million |
Over |
6 |
8 |
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A FEW MORE REAL
ESTATE STATS! |
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Average house price : |
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$542,237 |
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Median house price : |
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$486,500 |
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Number of houses listed last |
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month: |
496 |
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Number of lakeshore homes sold |
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last month: |
0 |
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Average mobile home price: |
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$124,689 |
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Dollar value of sales in Mar 2008: |
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$201,870,992 |
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Dollar value of sales in Mar 2007: |
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$246,250,336 |
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SALES BY TYPE
Year to Date |
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2008 |
2007 |
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Acreage |
10 |
12 |
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Acreage with Home |
21 |
21 |
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Acreage - Waterfront |
1 |
0 |
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Business |
7 |
7 |
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Townhouse |
141 |
166 |
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Condo |
281 |
317 |
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Lots - Waterfront |
0 |
0 |
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Lots |
55 |
66 |
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Duplex |
33 |
55 |
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Farms |
2 |
4 |
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IC & I |
13 |
14 |
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IC & I Land |
11 |
6 |
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Leases |
25 |
25 |
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Multi-Family |
1 |
3 |
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Mobile Homes |
63 |
58 |
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Residential |
531 |
662 |
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Residential-Waterfront |
4 |
8 |
| Recreational |
2 |
9 |
| Timeshares |
1 |
2 |
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| Multi Plex |
1 |
2 |
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REACH FOR A
ROLLER
and add
flair to all fixtures: Royal LePage identifies the top renovations
with the best return on your investment.
Whether
doing-it-yourself or hiring a professional, interior painting,
hardwood flooring and kitchen upgrades are amongst the top
renovations.
Contact me for the complete
report on the top renovations.
IF YOU ARE THINKING OF
BUYING
OR SELLING, PLEASE GIVE US A CALL!
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www.royallepage.ca
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