Mar 9, 2013 / 5:00 am
Numbers released by the Okanagan Mainline Real Estate Board (OMREB) show sales activity for February 2013 is down over the same month last year.
The biggest disparity was in the Central Okanagan (Peachland to Lake Country), where overall sales were down 17.8 per cent and sales volume dropped almost 20 per cent when compared to February 2012.
Last year there were 287 units available, valued at just over $100 million. This year there are 236 units valued at $80.2 million.
Total residential sales for the month declined 21.8 per cent and single-family home sales were down 12.3 per cent. New listings fell 17.8 per cent and inventory for the month was down 9.2 per cent.
“Listing activity is slower and inventory levels continue to drop in most local markets as we move towards more balanced conditions and greater price stability going forward,” says OMREB President Rob Shaw.
“Price changes are most likely behind us and are projected to flatten for balance of year. Once it is understood that further price drops are not on the horizon, serious buyers will be encouraged to jump off the fence and make a lifestyle move.”
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