Wednesday, 2 January 2013

2012 Real Estate Review

As 2012 has come to a close the real estate market in Kelowna has remained quite stable for the year, with sales outpacing most of last year. The Kelowna market still remains a buyers market, with the number of listings declining. The listings are down almost 4 percent from last year, which is followed by a 2 percent decline in 2011. Most buyers are either first time buyers or move up buyers thus stimulation activity across all price points. 

The sales of single family homes remains steady, with an average price of $470,000 pretty much par with last year. The condo market is is showing signs of rebounding with sales up about 11 percent, however prices are somewhat down from last year. You can buy a newer condo for around $200,000 or less. Single family starter homes are in the mid $300,000 price range. The luxury market with homes over $1,000,000 has be active with sales out pacing last year. It is expected the over all market to end the year 3 percent ahead of 2011 levels.

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