SHUSWAP/REVELSTOKE - Serious Home Buyers Motivated by Market Conditions

Sicamous, BC –The Shuswap Zone of the Okanagan Mainline Real Estate Board (OMREB) reported November 2010 sales activity of all MLS® property types slowed compared to last year but improved over last month.  New listings taken continue to decline for the third consecutive month indicating a correction in the number of properties available for sale while still providing choice for buyers.

Overall unit sales in November declined 29.41% compared to the same month last year (to 48 units from 68) but saw a 17.17% increase over the 41 units sold in October.  New listings dropped 22.13% compared to November 2009 (to 95 from 122) and were down 30.14% over last month (136).  Total residential sales decreased 34.55% over November 2009 (to 36 from 55 units) but were in line with October (34).  However, sales activity year to date (YTD) is similar to the first 11 months of 2009 at 677 (5.84% decline from 719), while sales volumes YTD dipped 7.34% to $208.6 million from $225.1 million last year.

“While economic factors in Alberta and the U.S. continue to prevent potential recreational and investment buyers from purchasing properties in the Shuswap, and to attract some recreational investors to the States, excellent opportunities and optimum market conditions exist much closer to home,” says Karen Singbeil, OMREB Director and REALTOR® in the Shuswap Zone. “We remain cautiously optimistic going into winter and anticipate that buyer interest will improve along with further economic recovery and employment growth.”

“Motivation continues to be affected by consumer confidence, however, serious buyers are leveraging their purchasing power by taking advantage of the great selection, attractive pricing and record low interest rates – as evidenced by our new Board-wide monthly Buyers Survey profiling who the buyers are and where they are coming from,” Singbeil notes.  “Results tracked this fall have found that the majority of purchases were by first-time home buyers in September and move-up buyers in October.  Most buyers were from within the Board area (Central Okanagan, North Okanagan and Shuswap/Revelstoke) – 59.8% in September and 57.3% in October; followed by Alberta – 15.2% in September and 14.5% in October; and the Lower Mainland/Vancouver Island – 12% in September and 13.6% in October.”

Singbeil adds, “A real estate professional understands pricing in these current market conditions and can help Sellers establish the right price out of the gate. Buyers and sellers must come together and have realistic expectations in this competitive marketplace if they want to see results.”

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 1,136 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®, visit 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

Paige Gregson

Paige Gregson

REALTOR®
CENTURY 21 Executives Realty Ltd.
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