Price or Patience for Sellers

Price or Patience for Sellers
Kelowna, September 8, 2008:
The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported the number of units listed on the Multiple Listing Service® in the Central Zone was up this month by 14.55% at 1126 listings this August compared to 983 in August 2007. Total sales dollars of all property types sold on the MLS® in August decreased by 55.59% compared to August 2007 while the number of Units Sold also decreased by 54.83% (271 units sold compared to 600 last August).

Brenda Moshansky, OMREB Director and REALTOR® in the Central Zone says: “With rising inventory levels it becomes a matter of price or patience for Sellers. More choice for buyers
means patience is required of Sellers. On the other hand, If Sellers are anxious or need to sell; they will have to work with their REALTOR® to ensure their price is competitive, particularly in some price ranges. For example, 35% of the single family residential properties currently listed on the MLS® are within the price range of $500,000 - $800,000 in the Central Okanagan.”

“As the market heads into the traditionally more active fall season, REALTORS® hope to see clients move from their “wait and see” approach of the summer.” continued Moshansky.  “Selection is at record levels, and interest rates remain competitive. Our economy remains fundamentally strong, and it is still a good time to buy.”

The Central Zone of OMREB covers an area from Peachland to Lake Country and east along
Hwy 33 to Westbridge (including the Christian Valley).