Summer Housing Sales Continue to Rebound
Vernon, BC - The North Zone of the Okanagan Mainline Real Estate Board (OMREB) reported
August 2009 sales activity of all MLS® property types has slowed since last month but has
continued to improve over last year and the early part of 2009. Overall sales dipped by 25% to
154 in August from 206 in July but increased 15% over the 134 units sold in August 2008. The
66 single family residential units sold last month were down 35% compared to the 101 units sold
in July but up 24% from 53 last year. Townhouse sales continue to heat up with 37 units sold
(the same as in July) – a 68% improvement over the 22 sold last August.
“We are pleased to see the year-over-year sales activity levels continuing to rebound and stats
strengthen,” says Rob Shaw, OMREB Director and REALTOR® in the North Zone. “While sales
are up from 2008 but down from July, the current dip can be partially attributed to the impact the
fires have had on buyer interest – particularly with fire insurance concerns in interface areas.”
Shaw adds, “It is encouraging to see that inventory is coming down in the North Okanagan and
prices are starting to bottom out. We are still recovering from a brutal winter but these are signs
of moving towards more stable market conditions. As employment and personal economic
conditions improve, the boost in consumer confidence will continue to drive sales.”
“The economy is beginning to show positive results and the real estate market is leading the
way in BC,” Rob notes. “While Metro Vancouver and Victoria markets have rebounded sharply,
Interior markets are showing a more gradual trend between supply and demand – hopefully
moving towards a more balanced market by year’s end. This fall could see an upsurge in sales
as buyers avoid heavier taxes and service provider costs before the HST is implemented.”
“If a home is priced well it will sell,” he says. “The guidance of a REALTOR® to help determine
market value in this competitive marketplace is important for both Buyers and Sellers.”
The North Zone of OMREB covers an area from Predator Ridge north to Vernon and
Coldstream, and also includes the surrounding areas of Falkland, Enderby, Grindrod,
Armstrong, Spallumcheen, Lumby and Cherryville.
The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,143 member
REALTORS® and 87 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. Our local public website is available at
www.omreb.com. 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 www.omreb.com
Posted by Scott Davidson
on September 14, 2009