by Macrealty Marketing Team | Aug 8, 2023 | Buying Real Estate, House and Home, New Developments, Real Estate Services, Selling Real Estate
Somerset Reach
Now Selling: Phases 4 and 5
Somerset Reach is a six-acre, contemporary modern-living lake view townhome estate community located in peaceful, charming Peachland. The estate is comprised of 56 individual homes in fourteen buildings, all of which face east towards Okanagan Lake and is a mere five-minute walk to the town centre, renowned for its beautiful shorelines, cafés, restaurants and unique boutiques.
Each unit will enjoy the convenience of a two-person elevator, in addition to rooftop garden terraces with expansive lake and mountain views, and unique al fresco dining and BBQ entertainment areas. There will also be a large garden common area with an outdoor picnic area meant for occasional larger gatherings. Each homeowner will also have an opportunity to work with a professional interior designer to create a dream home that reflects their personality and lifestyle.
Phases 4 and 5 are now available for sale – view floorplans here.
Come see Somerset Reach for yourself! Contact the team today.
P: 250-258-0111 | E: info@somersetreach.com
About Peachland
A home in Peachland offers you peaceful living in a lakefront community with easy access to everything that the Okanagan is famous for:
- Wineries (Peachland is the North American birthplace of Icewine and home to Canada’s first certified organic winery)
- Touring
- Boating
- World class skiing (ski resorts nearby receive several metres of ‘champagne’ powder)
- Sailing
- Power boating
… and a host of other activities. At Somerset Reach, you’ll be living the luxurious Okanagan lifestyle that others can only experience on vacation.
Get in touch with Manuella Farnsworth
*PREC, Macdonald Realty Interior
Macdonald Realty Kelowna is one of the Valley’s oldest and most trusted names in property sales and marketing. Manuella Farnsworth brings a wealth of residential sales experience to Somerset Reach, and was a resident in Peachland for 20 years. Manuella has served on the board of directors of the Peachland Chamber of Commerce and enjoys a deep knowledge of the area, specializing in Residential, Vineyard Estates and Winery sales in Kelowna and area.
by Macrealty Marketing Team | Aug 4, 2023 | Buying Real Estate, House and Home, Industry, Market Insights, Selling Real Estate
Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in July 2023.
Find the infographics by visiting the Facebook Album.
Central Okanagan: Kelowna and Lake Country
There were 180 sales, 1,154 active listings, and $1,063,700 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The condo market featured 124 sales and 527 active listings at the end of the month. The average sale price was $514,900. Townhome sales were 70, active listings were 327 and the average sale price was $768,500. It’s a balanced market for townhomes and condos in Central Okanagan.
North Okanagan: Vernon and surrounding area
In North Okanagan, including Vernon and the surrounding area and the average detached home sale price was $778,300. At the end of the month, there were 75 sales and 366 active listings. There were 16 sales and 61 active listings for condos. The average sale price was $342,100. In comparison, townhomes featured 30 sales, 96 active listings and a $598,300 average sale price. It’s a seller’s market for townhomes and condos in North Okanagan.
South Okanagan
There were 77 sales, 511 active listings, and $765,600 average sale price for detached homes in the South Okanagan market.
The condo market featured 32 sales and 198 active listings at the end of the month. The average sale price was $443,200. Townhome sales were 16, active listings were 126 and the average sale price was $549,600. It’s a buyer’s market in South Okanagan.
Looking for more information about the real estate market in specific neighbourhoods in Okanagan?
Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.
by Macrealty Marketing Team | Aug 3, 2023 | Buying Real Estate, House and Home, Industry, Market Insights, Selling Real Estate
August 2023 – Lower Mainland Monthly Update
(REBGV & FVREB)
At only 4.3 Months of Inventory, Prices are expected to Rise.
The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.
In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:
- 7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
- 5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
- Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE
Visit this link to learn more about house prices and inventory.
Sales
Sales in July 2023 (3,823) were 25% higher than July 2022 (2,880), and were close to the 10-year average (5,071).
Cumulative Year-to-date Sales
2023 is off to a slower start as sales (26,602) remain below the 10-year average (32,525).
Inventory
July inventory (16,500 active listings) increased only slightly from the previous month, and are nearly 15% below the 10-year average (19,400 average).
Sales to Active Listings
Low sales but lower inventory kept the Sales to Active Listing Ratio above 23%, indicating rising prices.
Months of Inventory
Similarly, Months of Inventory rose only slightly to 4.3 MOI, indicating a continued seller’s market and continued upward pressure on prices.
Want to learn more about these stats or discuss your move to Macdonald Realty?
Check out careersinbcrealestate.com to connect today!
by Macrealty Marketing Team | Aug 2, 2023 | Buying Real Estate, House and Home, Industry, Market Insights, Selling Real Estate, Vancouver
Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in July 2023. Find all the infographics by visiting the Facebook Album.
Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909).
“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economics and data analytics said. “Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”
There were 4,649 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2023. This represents a 17 per cent increase compared to the 3,975 homes listed in July 2022. This was 5.2 per cent below the 10-year seasonal average (4,902).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,301, a four per cent decrease compared to July 2022 (10,734). This was 14.4 per cent below the 10-year seasonal average (12,039). Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2023 is 24.9 per cent. By property type, the ratio is 16.5 per cent for detached homes, 32 per cent for townhomes, and 30.6 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“What’s interesting to see in the current market environment is that, while the Bank of Canada rate hike this July was only a quarter of a per cent, mortgage rates are now at the highest levels we’ve seen in Canada in over ten years,” Lis said. “Yet despite borrowing costs being even higher than last July, sales activity surpassed the levels we saw last year, which I think says a lot about the strength of demand in our market and buyers’ ability to adapt to and qualify for higher borrowing costs.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,210,700. This represents a 0.5 per cent increase over July 2022 and a 0.6 per cent increase compared to June 2023.
*Areas covered by the Real Estate Board of Greater Vancouver include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. Check out the infographics of Squamish, Sunshine Coast and Whistler, HERE.
Bowen Island
Burnaby East
Burnaby North
Burnaby South
Ladner
Maple Ridge
New Westminster
North Vancouver
Pitt Meadows
Coquitlam
Port Coquitlam
Port Moody
Richmond
Tsawwassen
Vancouver East
Vancouver West
West Vancouver
Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver?
Macdonald Realty has offices across the Greater Vancouver. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org
by Macrealty Marketing Team | Aug 2, 2023 | Buying Real Estate, House and Home, Industry, Market Insights, Selling Real Estate
Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Saanich Peninsula, Parksville/Qualicum, and Nanaimo listings and sales in July 2023. Find all the infographics related to the July Market Statistics by visiting the Facebook Album.
Last month, there were 414 sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area, a 41 per cent increase from one year ago (294) and down by two per cent from June 2023 (424). Sales of condo apartments in July came in at 98, increasing by 31 per cent year over year but down 12 per cent from the previous month. In the row/townhouse category, 86 units changed hands in July, up 69 per cent from one year ago and down 15 per cent from June. Active listings of single-family homes were 1,092 in July, down from 1,387 one year ago. VIREB’s inventory of condo apartments was 312 last month, down from 336 listings in July 2022. There were 262 row/townhouses for sale last month compared to 267 one year ago.
“We’re busier this summer than is typical despite rising interest rates,” says Kelly O’Dwyer, 2023 Chair. “After a rate increase is posted, clients tend to pull back and sit for a bit, but then the desire to buy takes precedence. Consumers tend to be resilient and are determined to find a way to make things work.”
O’Dwyer notes that while multiple offers are still happening, they tend to be on well-priced properties.
“Some sellers of higher-end properties are sitting on a preconceived price they’re expecting to get based on last year’s numbers,” adds O’Dwyer. “They’re not recognizing that market conditions have changed, at least for now.”
The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $770,000 in July 2023, down five per cent from one year ago and up by one per cent from June. In the apartment category, the benchmark price was $399,600 last month, a three per cent decrease from July 2022 and up by one per cent from June. The year-over-year benchmark price of a townhouse was $561,500 in July, down three per cent from one year ago and slightly lower than in June.
Greater Victoria
Saanich Peninsula
Nanaimo
Parksville / Qualicum
Looking for more information about the real estate market in specific neighbourhoods in Victoria, Saanich Peninsula, Parksville, Nanaimo, Vancouver Island and the Gulf Islands?
Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.
by Macrealty Marketing Team | Aug 2, 2023 | Buying Real Estate, House and Home, Industry, Market Insights, Sunshine Coast
Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in July 2023.
Find all the infographics related to the July Market Statistics by visiting the Facebook Album.
Whistler
In July 2023, there were 5 sales of detached homes and 61 active listings. The benchmark sale price was $2,623,200.
The condo market had 13 sales and 68 active listings at the end of the month. The benchmark sale price was $711,500.
The townhome market had 15 sales and the active listings were 51. The benchmark sale price was $1,491,900.
It’s a seller’s market for townhomes in Whistler.
Squamish
In July 2023, there were 21 sales of detached homes and 83 active listings. The benchmark sale price was $1,684,100.
The condo market had 8 sales and 31 active listings at the end of the month. The benchmark sale price was $620,600.
The townhome market had 11 sales and the active listings were 28. The benchmark sale price was $1,043,200.
It’s a seller’s market in Squamish.
Sunshine Coast
In July 2023, there were 36 sales of detached homes and 346 active listings. The benchmark sale price was $929,900.
The condo market had 3 sales and 26 active listings at the end of the month.
The townhome market had 8 sales and the active listings were 24.
It’s a seller’s market for townhouses in Sunshine Coast.
Looking for more information about the real estate market in specific neighbourhoods in Squamish, Whistler, and Sunshine Coast? Macdonald Realty has offices in Squamish, Whistler, and Sunshine Coast. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org
