The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported October 2010 sales activity of all MLS property types increased from last month, but continues to be well down from sales reported this time last year.A sharp decline in new listings continues to bring down overall inventory levels however, there is still plenty of selection for buyers.

Active listings fell 3.81% compared to last year at this time, and new listings taken in October were down 14.98% over October 2009 (755 compared to 888) and they also declined 14% from last month (875).

While overall sales declined 37.56% compared to last October (to 271 from 434), year to date units sold have only declined 3.45%.

Total residential units sold decreased 39.66% from October 2009 (to 245 from 406) but improved marginally over last month.

Year to date total sales volume for all property types is only 0.57% off 2009 year to date sales volume.

“While sales seem to have bottomed out in July, demand continues to be sporadic mirroring inconsistent consumer confidence,” says Brenda Moshansky, OMREB President and Realtor in the Central Zone.

“News out of the US that the economy is slower to recover than expected has caused economic forecasters in Canada to downgrade their predictions from the spring. While this messaging understandably may make consumers cautious, the reality is that current conditions are ripe for buyers who can leverage purchasing power due to the great selection, more attractive pricing and record low interest rates all of which may not be lasting conditions.”

She says for sellers in this market, pricing is important.

“Working with a real estate professional to understand current market conditions is essential. Sellers need to be patient as buyers have more choices and are taking longer to make decisions.”

http://www.omreb.com/

Castanet Nov 6, 2010