January 7, 2010

“If the gradual but steady growth during the past six months is an indicator, the Okanagan can look forward to a more balanced and sustainable market in 2010,” says Bob Cliffe, OMREB President and REALTOR® in the Shuswap Zone. “Compared to the last half of 2008 and first part of 2009, conditions in the Shuswap have improved as inventories begin to drop and prices stabilize. We can definitely look forward to a better spring than last year.”

Overall sales were up 6% in December to 34 units from 32 sold during the same month last year and down 50% from 68 sold in November. Total residential unit sales this month dipped 13% to 26 from 30 sold in December 2008 and were down 50% from 53 units last month. The sale of single family units rose 58% to 19 from 12 units at this time last year but dropped 34% from 29 sold in November.

“Sales usually slow down when the snow flies, particularly during the holiday season,” Cliffe notes. “However, I remain optimistic and expect the upswing will continue in 2010. Ongoing positive factors like low mortgage rates, stronger consumer confidence and an economy that is growing once again could result in renewed recreation buyer interest as spring approaches – especially with the struggling Alberta economy starting to rebound, and rising prices in Victoria and Vancouver beginning to make Shuswap properties more attractive.”

“The guidance of a REALTOR® to help determine market value in this competitive marketplace is important for both Buyers and Sellers,” says Bob.

The Shuswap Zone of OMREB includes the areas of Salmon Arm, Sicamous, Sorrento, North Shuswap and east along Highway 1 to Revelstoke.