Shuswap Fall Housing Market Follows 2002 Trend

Media Release - Shuswap Fall Housing Market Follows 2002 Trend November 5, 2009

Sorrento, BC -The Shuswap Zone of the Okanagan Mainline Real Estate Board (OMREB) reported October 2009 sales activity of all MLS® property types has slowed since summer but has continued to improve over last year and the early part of 2009. While overall sales were down by 23% from 95 in September to 73 sales in October, sales were up 21% from the 60units sold in October 2008. Single family residential units sold decreased by 17% from 47 unitsin September to 39 in October - up 34% from the 29 units sold at this time last year.

"While overall activity in the Shuswap has been affected by the lack of Alberta buyers, sales are currently trending at levels similar to those seen in 2002. The sale of recreation properties has picked up year-to-date compared to last year with a 22% increase (11 units sold compared to 9 in 2008)," notes Bob Cliffe, OMREB President and REALTOR® in the Shuswap Zone. "There has also been more interest in the condo market with a 26% improvement in year-to-date condo sales from last year at this time (24 apartment units compared to 19 in 2008). The numbers are small but the trend continues upward so that is very encouraging."

He adds, "Despite lagging buyer interest and challenging economic conditions, sales activitycontinues to improve steadily compared to last year. While recovery in BC is slower than hoped as the resource sectors continue to struggle, the Alberta economy is showing improvement -particularly in Calgary where home prices have climbed steadily over the past few months."

"As the market strengthens and confidence grows in home equity, potential Alberta buyers able to leverage their principal residence could start looking at investment property again in the Spring," Cliffe notes. "The outlook for the Shuswap is looking more positive for 2010."

"The guidance of a REALTOR® to help determine market value in this competitive marketplace is important for both Buyers and Sellers."

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 1,146 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 Source: Bob Cliffe RE/MAX Shuswap Sorrento

If you are interested in more information on Sicamous real estate, thinking of selling a Sicamous property or wanting more info on the Sicamous area. I have all types of properties for sale in the Shuswap. My website http://www.sicamous4sale.com I specialize in Sicamous waterfront condos, Sicamous homes for sale, Sicamous condos for sale all located in the interior of British Columbia in the Shuswap. You may reach me Toll free 1.800.582.8639 Karen Singbeil located at the RE/MAX office in Sicamous.