Central Okanagan Housing Sales Dip as Fall Unfolds

For Immediate Release: 

October 5, 2010

Central Okanagan Housing Sales Dip as Fall Unfolds.   

The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported September 2010 sales activity of all MLS® property types dipped as fall unfolds and the buyer’s market continues. While inventory is starting to decline and sales volumes increasing year-to-date, sales figures are down from last month and September 2009.

Inventory fell 3.76% compared to last year at this time (to 5,045 from 5,242), and new listings were down 13.65% over September 2009 (873 compared to 1,011) but improved 5.81% from last month (825).  Overall sales declined 45.16% compared to last September (to 221 from 403), and dipped by 22.18% over this August (284). Total residential units sold decreased 44.68% over September 2009 (to 208 from 376) and were down 20.3% over last month (261). Sales of single family units dropped 44.55% from last September (to 117 from 211), and were down 7.14% from last month (126). However, total sales activity year-to-date (YTD) has improved slightly (1.51%) compared to the first nine months of 2009 (to 2,954 units from 2,910) and sales volumes YTD are up to $1,202,793,720 from $1,129,295,103 last year.

“The majority of markets in BC and across Canada saw a slump in sales during September, and bottomed out in July with current levels reflecting those in 2008,” says Brenda Moshansky, OMREB President and REALTOR® in the Central Zone. “Active listings are continuing to edge lower as new listings decline while home sellers are taking a wait and see approach after sluggish sales over the summer. Now is the ideal time to negotiate a good price while there is still a good selection, and less chance of competitive offers. Buyers can take advantage of low mortgage rates to further enhance affordability as the downward pressure on interest rates continues. Demand is expected to pick up as the economy strengthens during the fall and winter months.”

“The economy is out of the recession and we are seeing positive job growth,” notes Cameron Muir, BCREA Chief Economist. “Jobs lost during the peak of the recession have been recovered so most households in BC are back in solid financial positions.”

Moshansky adds, “Everything becomes important when selling a property in this market. Working with a real estate professional to set the right price out of the gate is essential. Sellers need to be patient as buyers have more choices and are taking longer to make decisions.”

The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Highway 33 to Westbridge (including the Christian Valley). The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,149 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 ww.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 

For more information: 

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