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Okanagan-Shuswap Housing Market Brightens as Spring Unfolds
Apr 5, 2012
Shuswap Zone (Salmon Arm to Revelstoke): Overall unit sales in the Shuswap Zone during March dropped 12.3% to 57 units ($16.4 million) compared to 65 ($19.4 million) in 2011, but improved 39.0% over the 41 sold in February. Total residential sales slipped 15.1% over March 2011 (to 45 units from 53), but jumped 40.6% compared to last month (32). While single family unit sales were down 26.9% compared to last March (to 19 from 26), sales rose 11.8% over last month (17 in February). Inventory was up 1.0% from last March (1,395 compared to 1,381), and new listings rose 7.2% over 2011 (to 270 from 252). “We expect sales to brighten as the weather starts to improve and people think about moving during the next three months. Residential sales in April, May and June are typically good as many households tend to choose to sell their homes then,” Shaw notes.
“Going forward, we hope to see renewed interest in the residential, recreation, investment and retirement property opportunities in the Okanagan‐Shuswap, as consumer confidence continues to be positively influenced by improving economic and employment conditions in BC and Alberta,” he adds.
Shaw is hopeful that recently introduced government incentives like enhanced HST housing rebates, first‐time home buyer’s bonus, and grants for new second homes and vacation homes will spark more activity in the new home and recreation markets.
“With historically low interest rates keeping affordability at an even keel, and prices holding steady in most segments in the Board area, now is an optimum time to buy or to sell,” Shaw says. “Inventory is declining but new listings and active inventory remain relatively high, and continue to provide a good selection and choice of properties.”
During these ongoing buyer’s market conditions, sellers can benefit from working with a professional REALTOR® to price strategically at current values. Serious buyers are motivated by well‐priced properties with room to negotiate. Homes with good curb appeal and listed by sellers with the sharpest pencils are being sold quickly in this highly competitive market.
The Okanagan Mainline Real Estate Board is comprised of 1,070 member REALTORS® and 91 real estate offices in the Southern Interior of BC. The Board area covers the Central Okanagan, North Okanagan and Shuswap – from Peachland to Revelstoke.
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®, check out www.howrealtorshelp.ca.