MEDIA RELEASE
For Immediate Release: February 4, 2010
2010 Outlook Positive for Shuswap Housing Market
Sorrento, BC - The Shuswap Zone of the Okanagan Mainline Real Estate Board (OMREB)
reported January 2010 sales activity of all MLS® property types has improved over 2008 and the early part of 2009 as the local housing market continues on the road to recovery.
"The outlook for the Shuswap in 2010 is positive as we start the New Year on a strong note with steadily improving sales activity and we begin to see more properties come on to the market," says Bob Cliffe, OMREB President and REALTOR® in the Shuswap Zone. "Inventory of 1,138 units in January is down 6% from 1,213 last year but new listings taken rose 67% to 183 this month compared to 109 in January 2009 - increasing the choice available to Buyers."
Overall sales of 44 units in January were up 109% from the 21 sold during the same month last year and up 29% from the 34 sold in December.
Total residential unit sales of 32 units this month rose 77% from the 18 sold in January 2009, and were up 23% compared to the 26 sold last month. The sale of 18 single family units rose 80% from 10 sold at this time last year but dipped slightly (5%) from 19 sold in December.
"All markets in the province saw a slip in sales last month compared to December but Shuswap sales are up. The lack of snow has made a real difference here as people can see the properties and travel is easier," Cliffe notes. "I continue to remain optimistic that the upswing will continue, especially with the ongoing low mortgage rates and lower prices compared to before the downturn. We are hoping that Shuswap properties will attract the attention of visitors to the Winter Games - a golden opportunity for potential investment and recreation buyers compared to the high prices in Vancouver and Victoria." "The guidance of a REALTOR® to help determine market value in this competitive marketplace is important for both Buyers and Sellers," says Bob.
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 1,144 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. 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.
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