Shuswap Housing Market Shifts in Favour of Buyers ~ OMREB Media Release

Shuswap Housing Market Shifts in Favour of Buyers ~ OMREB Media Release ~ July 7, 2010

Sicamous, BC -The Shuswap Zone of the Okanagan Mainline Real Estate Board (OMREB) reported June 2010 sales activity of all MLS® property types has leveled off as the housing market recovers slowly. While listings continue to increase and provide more selection for Buyers, unit sales are down from last year and last month but sales volumes have improved year-to-date.

New listings were up 3% over June 2009 (to 273 from 265) but down 21.5% from last month (348), while inventory rose 13% compared to last June (to 1,991 units from 1,761) and improved 5.2% over May (1,892). Overall sales in June dropped 22% compared to the same month last year (to 67 units from 86) - down 12.9% from units sold in May (77). Total residential sales in June decreased 28.7% over June 2009 (to 52 from 73 units) - a 17.4% drop from last month (63). Single family homes sold dropped 11.7% compared to last June (to 30 from 34) and units sold in May (35). However, sales activity year-to-date (YTD) has improved by 42.3% compared to the first six months of 2009 (to 380 units from 267), while sales volumes YTD are up 42.6% (to $114,949,664 from $80,557,376).

"The Buyer's cycle continues as we return to more normal competitive market conditions in the Shuswap," says Karen Singbeil, OMREB Director and REALTOR® in the Shuswap Zone. "While recovery is expected to remain choppy as underlying economic conditions improve, the Shuswap will continue to attract recreation and retirement Buyers by virtue of its appealing location."

Singbeil notes, "When selling a property in a market that has shifted in favour of Buyers, 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 1,175 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

Click here for PDF of release.

For more information:

Karen Singbeil, Director - Shuswap Zone
karen@shuswap4sale.com (250) 836-2223

Brenda Moshansky, President (Board-wide statistical information) (250) 860-7500
bmoshansky@coldwellbanker.ca

Cameron Muir, Chief Economist, BCREA (Province-wide statistical information)
cmuir@bcrea.bc.ca (604) 742-2780