January 2012 - Kelowna Real Estate Market Update
By Jaime Briggs, Kelowna Real Estate
February 10, 2012
JANUARY 2012 - KELOWNA REAL ESTATE MARKET UPDATE
Well it looks like December 2011 ended like a lion; while January 2012 came in like a bit of a lamb. January sales in Kelowna were still strong, just didn't have the roar that December did.
SINGLE FAMILY HOMES - January 2012 we sold 102 SFD which was up a slight +3% compared to 2011. The average price dropped -5% to $415,358 and the median price dropped a slight -1.6% to $403,600 compared to last year. The highest number of listings still remains homes in the $600-$999K range, however this price range is also the least amount of sales. Homes priced in the $320-$439K range remain the best sellers.
CONDOS - Last month we sold 40 condos which was up 8% from last January 2011. The average and median prices were nearly the same as a year ago at $267,945 average (+1.6%) and $233,000 (-1.89%).
TOWNHOUSES - January only saw 25 townhouse sales which was down -22% from last year. In comparing the one month we saw average prices of $380,372 (+19.32%) and median prices of $351,000 (+11%).
The CMHC (Canada Mortgage & Housing Corporation) still predicts the following with regards to the Kelowna Real Estate market for 2012:
- Demand for new and existing homes is forecast to strengthen in 2012. Favourable mortgage interest rates coupled with stronger employment growth will support modest growth in demand for housing next year.
- Sales of existing homes are expected to increase 11 per cent in 2012. Home buyers will continue to benefit from an ample supply of listings available for sale.
- Expect existing home prices to edge up by three per cent as demand improves and the supply of listings is drawn down later next year.
- Kelowna area housing starts are forecast to increase 18 per cent to 1,125 homes in 2012.
You can read more of the full CMHC Market Outlook here http://publications.gc.ca/collections/collection_2011/schl-cmhc/nh12-54/NH12-54-2011-2-eng.pdf
Also, for more stats, click to download the .pdf's located at the bottom.
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