Buyers' Market Brings More Choice in the Shuswap! May 2010 Shuswap Sales Stats

MEDIA RELEASE

May 2010 sales activity of all MLS® property types has improved over 2008 and the early part of 2009, and has started to level off since last month as the housing market recovers slowly. Listings continue to increase and offer a wide selection of properties for Buyers.

Overall sales in May jumped 42% to 77 units compared to the 54 sold during the same month last year and rose 8% over the 71 sold in April.

Listings were up 24% over May 2009 (from 279 to 348) and decreased 2% from last month (358), while inventory rose 11% from 2009 (1,892 units from 1,690), and improved 9% over April (1,725).

Total residential sales in May rose 31% from last year (to 63 from 48 units) - a 28% increase from last month (49). Single family homes sold saw a 20% increase compared to this time last year (from 25 to 31) - up 47% from the units sold in April (21).

Sales activity year-to-date has improved by 71% from 2009 at this time (311 units compared to 181) and sales volumes are up 75% (to $93,391,192 from $53,270,664).

"The numbers are showing we have entered a Buyer's cycle and this is a return to more normal competitive market conditions," says Karen Singbeil, OMREB Director and REALTOR® in the Shuswap Zone. "While recovery can be expected to remain choppy, underlying economic conditions continue to improve and the Shuswap is still attractive to Buyers by virtue of where it is." Singbeil notes, "When selling a property in a market that has shifted in favour of Buyers instead of Sellers, everything matters including your neighborhood, property type and home's appearance.

Working with a real estate professional who knows how to establish the right price and initiate a comprehensive marketing plan is essential. More choice means Buyers may take longer in the evaluation process so Sellers will need to be patient. Buyers and Sellers must come together and have realistic expectations in this competitive marketplace if they want to see results."

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 1,180 member REALTORS® and 85 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