Okanagan‐Shuswap Market Continues to Stabilize

The Okanagan Mainline Real Estate Board (OMREB) reported October 2011 sales activity of all MLS® property types remained similar to this time last year and were down slightly from the previous month (September 2011) as the housing market continues to stabilize.

“Overall, the Okanagan‐Shuswap market has experienced steady sales activity during the past six months of 2011. Most segments in our Board area have remained remarkably stable and continue to hold their own, despite comments on the state of the economy. However, recreation and investment sectors remain sluggish as moderate economic recovery and modest job growth in BC, Alberta and across the country have impacted disposable income for potential buyers who are now looking south of the border for bargain properties,” says Rob Shaw, OMREB Vice President and REALTOR® in the North Zone.

“The dramatic divide between the Lower Mainland and Interior markets has narrowed considerably as lagging consumer confidence and apprehension about making big purchases has cooled the overall demand in most BC markets,” he adds. “Concerns about employment, personal debt load and net worth continue to be fuelled by economic uncertainty, equity market volatility and global instability.”

Boardwide (Peachland to Revelstoke): During October, the 440 overall sales in OMREB’s Board area were in line with those last year (441), but dipped 8.33% from the 480 sold this September. However, sales volumes of $154.6 million were down 16.6% compared to $185.3 million in 2010. Inventory (active listings) for October was up 1.74% to 8,670 units compared to 8,522 in 2010, while new listings for the month jumped 2.79% to 1,289 from 1,254 last year at this time.

Central Zone (Peachland to Lake Country): Overall unit sales and sales volumes in the Central Zone dipped by 1.07% to 277 units ($106.4 million) compared to 280 ($135.5 million) last October, and were down 6.41% compared to the 296 units sold in September. Total residential sales last month slipped by 0.78% to 253 units compared to 255 last year, and were down 8.99% from 278 in September. Single family home sales of 125 units showed a 10.17% drop compared to 139 last year, and were down 13.79% from the 145 homes sold this September. October’s inventory of 4,761 units was up 3.37% compared to 4,606 in 2010, and the 834 new listings for the month rose 10.17% over 757 last year.

North Zone (Predator Ridge to Lumby): Overall unit sales and sales volumes in the North Zone for October slipped by 15.25% to 100 units ($30.4 million) compared to 118 ($36.8 million) in 2010, and dipped 7.4% from the 108 units sold this September. Total residential sales for October fell 5.89% to 90 units compared to 107 last year, and dropped 8.88% from the 98 sold in September. Single family sales rose 4.08% to 51 units over 49 in October 2010, and improved by 9.8% compared to 46 sold in the previous month this year. While last month’s inventory dipped slightly (0.91%) to 2,390 compared to 2,412 last year, the 324 new listings taken showed a 10% decline from 360 in 2010.  click here to continue reading...

To read the OMREB October stats report:

http://www.omreb.com/files/10%20-%20NO%20Statistics%20Graphs%20October%202011.pdf

Darcy Sochan

Darcy Sochan

Affiliated Real Estate Agent
CENTURY 21 Executives Realty Ltd.
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