MEDIA RELEASE: October 5, 2011
Shuswap Housing Market Showing Signs of Stability Going into Fall
Sicamous, BC – The Shuswap Zone of the Okanagan Mainline Real Estate Board (OMREB) reported September 2011 salesactivity of all MLS® property types improved compared to sales at this time last year and the previous month (August 2011) as the housing market begins to show signs of stability going into fall.
In September, overall unit sales improved 18.75% compared to 2010 (to 76 from 64) with sales volumes at $21.8 million compared to $20.6 million last year – up 16.92% from August sales (65). Total residential sales climbed 16.98% compared to 2010 (to 62 from 53), and rose 12.72% over August (55). Single family unit sales improved 9.09% from last September (to 24 from 22). Last month’s inventory of 1,696 units was down slightly (2.29%) from 1,658 last year, while new listings rose 6.99% compared to 2010 (to 153 from 143) and dropped by 23.88% compared to August (182).
“The market in the Okanagan ‐Shuswap is beginning to stabilize as autumn unfolds. With the bump‐ up in sales during September and steady activity over the past few months in the Shuswap - Revelstoke Zone, we are cautiously optimistic moving forward. Most segments continue to hold their own while the recreation and investment sectors remain sluggish, being most impacted by opportunities south of the border, and Canada’s slower than anticipated economic recovery and modest job growth,” says Karen Singbeil, OMREB Director and REALTOR® in the Shuswap Zone. “Overall demand in most BC markets has cooled along with lagging consumer confidence. Belt ‐ tightening and apprehension about making big purchases have continued as ongoing concerns over personal debt load, net worth and employment are being influenced by news of American economic uncertainty, global instability and equity market volatility.” Singbeil notes, “Serious buyers are looking for well ‐priced properties – recognizing that now is the time to buy while there is still an ample selection of homes and room to negotiate, and while low interest rates continue to positively impact their purchasing power and determine the home they can afford.
Sellers can benefit from working with a professional REALTOR® to price strategically at current values and make the most of buyer activity. Homes with good curb appeal that are listed by sellers with the sharpest pencils are selling quickly in this competitive market. “
The results of OMREB’s Board ‐ wide monthly Buyers Survey profiling 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. First ‐time buyers and move‐ up buyers are a driving factor, and 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 1,122 member REALTORS® and 91 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.caand 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) firstname.lastname@example.org (250) 836‐2223
Kent Jorgenson, Director ‐ Central Zone (Board‐ wide statistical information) email@example.com (250) 717‐5000
Cameron Muir, Chief Economist, BCREA (Province‐ wide statistical information) firstname.lastname@example.org (604) 742‐2780