Prudential Kelowna Properties

Here we are already 1 month into 2012. Interest rates have hit an all time low! You can now get a 5 year term mortgage at 2.99%. The European crisis has faded from the headlines since it now seems that the Greece and Italy will be able to fund their debts by way of the bond market.

The US housing market still has a long road to recovery but there are good signs that things are starting to change. Employment figures continue to improve and the consumers are showing increased confidence in the retail sector. It is all starting to feel just a little bit better.

So how did we fare in January 2012? Sales in the Central Okanagan totaled 212 just down 1 from 213 in January 2011. New listings were down to 902 from 915 last January while listing inventory is up 3.83% to 4,233 properties for sale. The average price for a home in the Central Okanagan dropped from $437,328 in January 2011 to $415,358 this January. For the same periods, townhomes rose from $318,788 to $380,372 and apartments rose from $263,720 to $267, 945.

Continued low interest rates combined with good listing inventory are expected to see sales increase as buyers take advantage of great selection, excellent prices and very affordable money. Contact your Prudential professional to find out the answers to any real estate questions that you might have.