Kelowna Real Estate Market Update [December 2013]

    The Okanagan Mainline Real Estate Board has reported the strongest unit sales for the month of December since 2009 with sales activity for all MLS® property types up 33% in Kelowna compared to December 2012.

    With sales up 33.16% from December 2012, there were 253 units sold in December 2013. The number of residential homes sold has also increased 28.05% to a total of 210 units over this month last year. The number of all units listed in MLS for December 2013 is down 10.94% to 342 and residential listings are down 9.24% to 285.

    Kelowna Real Estate Stats December 2013

    The average price for a home is up in December 2013 at $415,402 from $391,946 in November as well as up 6.05% over December 2012. The median cost is down from November ($353,750) at $345,000 but up 2.22% from December last year. Single family dwellings are up 2.18% in average price as well as apartments, which are up 11.67%, while townhouses are down 5.90%.

    The average days for any unit type in the MLS to sell is sitting at 127 days this December, which is reduced by over two weeks from last December (145 days) but is longer than November’s 118 days. The average number of days to sell a residential home is sitting at 108 days in December 2013.

    The number of homes sold in all price range categories increased over last December except for the $480K to 519K category, which saw a slight decrease. The $200K to 239K range doubled from last year’s sales, while $240K to 279K, $320 to 359K, $360K to 399K, $400K to 439K and $440K to 479K ranges saw a fairly significant increase.

    Almost all of December’s prices ranges saw an increase from November of this year, with the $320 to 359K, $360K to 399K, $400K to 439K and $440K to 479K prices ranges experiencing a more significant increase.

    The sold price for a single family residence has come up this December from November ($458,171) to $$474,382. It is also sitting 2.18 % higher than this month last year, which was $464,283.

    A number of areas did see a small rise in the average price this December over last including the Beverdell/Carmi, University District, Fintry, Lake Country South and Upper Mission regions as well as the Big White area, which saw a much more significant increase.

    Some of the regions in Kelowna did experience a small drop in average price from December 2012 with the Joe Rich region suffering from a huge drop of almost $200k. The Westside Road, University District, South East Kelowna and Lake View Heights regions also increased slightly in price in December from November.

    Single Family Monthly Sales by Price - December 2013

    The Luxury home market is holding steady in December with the same number of million dollar luxury homes sold (16) in the last two months as compared to the two previous months. However, there was a significant decrease in the number of million dollar homes listed this December.

    1Million Dollar Sales over 2 Months- December 2013

     Have a question about the Okanagan Real Estate market? Please leave a comment or question below.

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