MEDIA RELEASE For Immediate Release: February 3, 2011
Excellent Choice Continues for Recreation & Investment Buyers Sicamous, BC
The Shuswap Zone of the Okanagan Mainline Real Estate Board (OMREB) reported January 2011 sales activity of all MLS® property types slowed compared to last year at this time.
While new listings have declined since 2010, inventory remains comparable to last January and continues to provide excellent selection and opportunities for recreation, investment and retirement buyers.
Overall unit sales in January declined 43.75% compared to the same month last year (to 27 units from 48) and saw a modest increase over the 25 units sold in December.
Although new listings dropped 36.26% compared to January 2010 (to 116 from 182), listings improved by 38.09% from last month’s 84 units, and inventory at the end of January increased by 8.96% over the first month of 2010 (to 1,240 from 1,138).
Total residential sales this month decreased 43.75% over last January (to 27 from 48 units) but were up 28.57% from 21 in December. “As overall demand improves along with better economic and employment conditions, we expect to see more market stability and normalization during the first quarter of 2011 with sales trending upwards before revised lending criteria tightens the cost and availability of credit,” says Karen Singbeil, OMREB Director and REALTOR® in the Shuswap Zone.
“All markets can expect to see an increase in listings in the next few months as sellers decide to put their homes on the market moving into Spring .
Consumers who have been sitting on the fence may be encouraged to make a move while 35‐year mortgages and record low mortgage rates are still available as the Federal Government will shorten amortization periods to 30 years and reduce maximum refinancing to 85% on March 18th, and interest rates are forecast to go up during the latter half of this year.
Plenty of choice, attractive prices, and low mortgage rates provide the best incentive to buy that dream vacation or retirement home now rather than later when prices begin to trend higher and interest rates increase.”
OMREB’s new Board‐wide monthly Buyers Survey – launched in September 2010 to profile who the buyers are and where they are from – indicates that serious buyers are taking advantage of the current market and leveraging their positive purchasing power while it lasts, Singbeil notes.
Pricing continues to be important when selling your home, she adds. “Working with a real estate professional to understand current local market conditions and to provide comparisons specific to your neighbourhood is essential as home values vary based on property type and location. Buyers and sellers must have realistic expectations.”
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 1,135 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 ‐30‐ For more information:
Karen Singbeil, Director ‐ Shuswap Zone karen@shuswap4sale.com (250) 836‐2223
Brenda Moshansky, President (Board‐wide statistical information) bmoshansky@coldwellbanker.ca (250) 860‐7500
Cameron Muir, Chief Economist, BCREA (Province‐wide statistical information) cmuir@bcrea.bc.ca (604) 742‐2780
