Okanagan-Shuswap Market Stable Moving into Summer

July 6, 2011 Sicamous, BC – The Shuswap Zone of the Okanagan Mainline Real Estate Board (OMREB) reported June 2011 sales activity of all MLS® property types were down compared to sales reported at this time last year but were up slightly from May as the market shows more stability moving into Summer.

In June, overall unit sales dropped 10.67% compared to 2010 (to 67 from 75), with sales volumes at $22.50 million compared to $22.64 million last year – down slightly (1.47%) from units sold in May (68).  While total residential sales for the month of June dipped 3.51% compared to the same time last year (to 55 from 57 in 2010), single family unit sales  were up 3.03% from 2010 (to 34 from 33) – a  30.77% improvement over May (26).  Last month’s inventory of 1,828 units was down 6.4% from the 1,953 in June 2010, while new listings for June (330) jumped 21.32% compared to 2010 (272) – up 3.13% over May (320). 
 
“The slight rebound and gradual improvement in June is promising.  We hope to continue to see modest gains in sales if activity picks up with the warm weather and an influx of out-of-town buyers,” says Karen Singbeil, OMREB Director and REALTOR® in the Shuswap Zone.  “While many factors have affected consumer confidence, created buyer hesitation, and deterred potential recreation, investment and retirement property buyers to date, it is still too soon to tell if there will be a slow down over the summer.  This next month (July) will be a good indicator as to an ongoing trend.”

“Although inventory is on the decline, serious buyers enjoy an excellent selection of homes in the Shuswap, and are taking advantage of good prices and wide choices while they are still available.  Properties that are priced to reflect current values in this competitive market are selling relatively quickly.  Sellers can benefit from working with a professional REALTOR® to price strategically and make the most of summer buyer activity.”

Singbeil notes the results of OMREB’s Board-wide monthly Buyers Survey – launched in September 2010 to profile who the buyers are, what they are buying and where they are from – shows that the majority of buyers are from within the Board area.  Survey results indicate that buyers are leveraging the positive purchasing power afforded by attractive prices and low interest rates, before inventory narrows and borrowing costs rise.  First-time buyers are a driving factor and they stimulate the chain of ownership.

The Shuswap Zone of OMREB includes the areas of Salmon Arm, Sicamous, Sorrento, North Shuswap and east along Highway 1 to Revelstoke.  The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,151 member REALTORS® and 86 real estate offices in the Southern Interior of BC.

For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at www.realtor.ca and www.icx.ca.  To find out about the advantages of using a REALTOR®, check out www.howrealtorshelp.ca.  All OMREB listings are published in the MLS® Real Estate Review magazine available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas.  For comprehensive Board-wide statistical information, please visit our local public site:  www.omreb.com.

For more information:

Karen Singbeil, Director - Shuswap Zone  (Shuswap statistical information) 
karen@shuswap4sale.com        (250) 836-2223

Kent Jorgenson, Director - Central Zone  (Board-wide statistical information)  
kent@kentjorgenson.com          (250) 717-5000

Brendon Ogmundson, Economist, BCREA (Province-wide statistical information)
bognumdson@bcrea.bc.ca        (604) 742-2796


Click here to download printable PDF of June 2011 releases for the three OMREB Zones.

NOTE:  Current and archived statistics for each Zone are available on this site.  For this month's statistics package, click on the "Market Statistics" tab in the menu at the top of this webpage and choose "Current Year - 2011".

 

Paige Gregson

Paige Gregson

REALTORĀ®
CENTURY 21 Executives Realty Ltd.
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