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Market Update
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Kelowna’s
new home construction sector is strong coming out of the gate for
2008. Housing starts, led by the multi-family sector, have reached
the highest numbers to date and continue to see the strongest growth
in demand with price and lifestyle being the key drivers. Kelowna’s
growing economy continues to attract job seekers, keeping demand for
new construction at high levels. Regional amenities remain a big
draw, fueling demand for resort housing and secondary residences.
2008 has
gotten off to a slightly softer start than last year, indicated by a
7% - 14% drop in sales across the board. However, the townhouse
market is experiencing strong consumer demand based on local
demographics and affordability, showing a substantial increase of
13.48% in sales year to date over last year. With spring around the
corner, the busiest 4 months are ahead of us and current market
conditions are well within reach of last year’s record-breaking
sales. Inventory is seeing far more selection, with a 28% increase
in the number of single family units listed so far this year
compared to the first two months of 2007.
The
current consumption rate for lots indicates a 13 month, 2 week
supply of inventory, with 429 listed and 32 sold so far in 2008.
The residential market shows a bit more normalcy with a 4.5 month
supply of strata listings. Condos have come on stream at an
extremely quick pace with listings up 51% over this time last year
and sales more sluggish with a 9% drop. The townhome market is
balanced with inventory and sales staying in line with 2007
figures.
Affordability likely factors into the 59% increase in mobile home
sales and this portion of the market shows a current inventory
supply of 3.5 months. Single family homes also show a 3.5 month
supply even with listings up 28% and sales dipping by 14%. |
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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1090 |
136 |
1132 |
429 |
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SUMMARY OF
RESIDENTIAL SALES |
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Price Range |
2008 |
2007 |
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0 - |
$200,000 |
0 |
3 |
|
$200,001 |
$240,000 |
0 |
3 |
| $240,001 |
$280,000 |
4 |
13 |
|
$280,001 |
$320,000 |
8 |
26 |
| $320,001 |
$360,000 |
19 |
67 |
|
$360,001 |
$400,000 |
45 |
58 |
| $400,001 |
$440,000 |
46 |
59 |
|
$440,001 |
$480,000 |
50 |
36 |
| $480,001 |
$520,000 |
43 |
30 |
|
$520,001 |
$560,000 |
38 |
16 |
| $560,001 |
$600,000 |
19 |
16 |
| $600,001 |
$999,999 |
43 |
38 |
| $1. Million |
Over |
7 |
2 |
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A FEW MORE REAL
ESTATE STATS! |
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Average house price : |
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$496,622 |
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Median house price : |
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$471,950 |
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Number of houses listed last |
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month: |
457 |
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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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$119,607 |
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Dollar value of sales in Feb 2008: |
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$161,419,600 |
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Dollar value of sales in Feb 2007: |
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$179,300,192 |
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SALES BY TYPE
Year to Date |
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2008 |
2007 |
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Acreage |
6 |
9 |
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Acreage with Home |
13 |
13 |
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Acreage - Waterfront |
1 |
0 |
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Business |
7 |
6 |
|
Townhouse |
101 |
89 |
|
Condo |
163 |
180 |
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Lots - Waterfront |
0 |
0 |
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Lots |
25 |
32 |
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Duplex |
20 |
24 |
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Farms |
2 |
1 |
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IC & I |
10 |
11 |
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IC & I Land |
7 |
2 |
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Leases |
22 |
19 |
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Multi-Family |
0 |
1 |
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Mobile Homes |
43 |
27 |
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Residential |
318 |
372 |
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Residential-Waterfront |
0 |
3 |
| Recreational |
2 |
5 |
| Timeshares |
1 |
2 |
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| Multi Plex |
0 |
1 |
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The First Time
Home Buyer’s program recently raised the bar on the full exemption
from property transfer tax only on properties where:
· the
improvements on the property become the principal residence (whether
or not they are formally
classified as residential),
· the
land is 0.5 hectares (1.24 acres) or smaller, and
· the
value of the land plus improvements falls below the set threshold
amount of $425,000.
· The
current threshold amount applies to purchases registered on, or
after, February 20, 2008.
IF YOU ARE THINKING OF
BUYING
OR SELLING, PLEASE GIVE US A CALL!
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www.royallepage.ca
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