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Okanagan-Shuswap Housing Market Remains Steady with Modest Gains
May 4, 2012
Shuswap Zone (Salmon Arm to Revelstoke): During April, overall unit sales in the Shuswap Zone improved 17.7% to 60 units ($15.9 million) compared to 51 ($14.5 million) in 2011 – up 5.2% over the 57 sold in March. Total residential sales rose 4.2% to 50 units compared to April 2011 (48), and saw an 11.1% jump over last month (45). While single family unit sales were up marginally (3.7%) from last year (28 versus 27), sales improved by 47.4% over last month (19 in March). Lot sales jumped to 8 in April compared to 2 last year, and leapt 125% year‐to‐date to 18 from 8 in 2011. Inventory was up 5.9% compared to last April (1,612 from 1,522), while new listings rose 12.9% over the same month in 2011 (to 340 from 301).
“The market is definitely up over last year,” says Shaw. “We are seeing modest improvements in sales and small gains in overall demand, and are confident the outlook for the rest of spring and early summer is good – especially with interest rates expected to remain low and keep affordability at an even keel for at least the next quarter or so. The Alberta economy is looking better so we could see some spill‐over into BC with perhaps more activity in the new home and recreation markets sparked by recently introduced government incentives.”
With significant active inventory plus the expected seasonal increases in listings, and the demand for housing growing at a slow but steady rate reflective of the economy and employment, Shaw notes that prices are holding steady in most segments in the Board area.
“Working with a real estate professional to understand current local market conditions and to provide comparisons specific to your neighbourhood is essential as home values vary based on property type and location. Pricing continues to be of utmost importance when selling a home. Consult with your REALTOR® to make sure your pricing is strategic and reflective of the current values in your area. Remember that serious buyers are motivated by well‐priced properties with great curb appeal and room to negotiate.”
It is important to have realistic expectations when buying or selling a house, Shaw adds. “Buyers and sellers must agree to come together if they are serious about closing the deal.”
The Okanagan Mainline Real Estate Board is comprised of 1,075 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.