MEDIA RELEASE ~ Shuswap Housing Market Continues to Improve Sorrento, BC

MEDIA RELEASE For Immediate Release: March 5, 2010

Shuswap Housing Market Continues to Improve Sorrento, BC

The Shuswap Zone of the Okanagan Mainline Real Estate Board (OMREB) reported February 2010 sales activity of all MLS® property types has improved over 2008 and the early part of 2009 as the housing market continues to improve.

"Optimism in the Shuswap is rising with consumer confidence as sales strengthen and more new properties come on to the market to provide more choice for Buyers," says Bob Cliffe, OMREB President and REALTOR® in the Shuswap Zone. "Overall sales in February jumped 135% to 47 units compared to the 20 sold during the same month last year and rose 7% over the 44 sold in January. New listings increased 107% this month to 292 compared to 141 in February 2009 and were up 60% over the 183 last month."

February saw total residential sales of 38 units - a 100% improvement from the 19 sold last year, and a 19% increase over the 32 last month. The sale of 25 single family homes this month increased by 257% compared to the 7 sold at this time last year and rose 38% over the 18 units in January.

"Housing sales in the Shuswap are gaining momentum despite a slowdown in other parts of the province. No snow, 9 to 10 degree temperatures and sunshine - it's all good for business," Cliffe notes. "More Albertans have been arriving these past few weeks. We are now starting to see multiple offers as potential recreation and investment buyers are poking around a lot earlier in the year than normally expected due to the unseasonably warm weather, attractive prices and low interest rates. Activity could heat up even more during the coming months if Buyers wish to avoid the pending changes to mortgage criteria, the HST and the possibility of higher rates."

"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 1,152 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.

I have the pleasure of sitting on the OMREB Board of Directors with Bob Cliffe who wrote this media realease for OMREB.

If you are looking to list or buy in the Salmon Arm or Sorrento area please call him and if you are looking to buy or sell in the Sicamous Area please call me 1-800-582-8639!