HOUSING MARKET STABILIZING

Okanagan-Shuswap Housing Market Stabilizing 
The Okanagan Mainline Real Estate Board (OMREB) reported October 2012 sales activity of all MLS® property types improved over the same month last year and compared to the first 10 months of 2011 as the market continues to show greater signs of stability.
To date, the Okanagan-Shuswap market has experienced steady sales for more than half of this year with five consecutive months of ongoing improvement (April through August), a brief slowdown in September, and the upward trend resuming in October.
Overall sales were up 10% board-wide compared to last October and improved 13% over this September when sales slowed throughout the province as consumer demand and affordability, particularly for first-time buyers, was impacted by the tightening of mortgage rules in mid-summer.
The North Okanagan market continues to strengthen and lead the way in sales growth. In October, overall sales in the North Okanagan improved by 26% over 2011, while the Shuswap was up 7%, and the Central Okanagan up 4%.
The outlook in our Board area remains relatively positive and is trending towards more balanced market conditions. Inventory is selling and new listings are down from a year ago, but buyers can still take advantage of low interest rates and a great selection of properties to choose from. Home buyers are price sensitive and taking their time to make decisions, while looking for the opportunity to secure attractive prices.
It is important for anyone thinking of buying or selling to ask their REALTOR® how their property type is currently faring in the overall market and, more significantly, in their particular neighbourhood.
Darcy Sochan

Darcy Sochan

Affiliated Real Estate Agent
CENTURY 21 Executives Realty Ltd.
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