The Central Zone of the Okanagan Mainline Real Estate Board reported January 2010 sales activity of all MLS property types improved over 2008 and the early part of 2009 as the market continues to recover slowly but steadily.

“We are pleased to see a strong start to the New Year in the Central Okanagan as sales activity remains relatively strong and an increase in listings provides more choice for Buyers,” says Brenda Moshansky, OMREB Director and realtor in the Central Zone.

“While inventory is down 11% from last January (4,120 units compared to 4,648), the 1,021 new listings taken rose slightly (15%) from the 884 last year but increased significantly (94%) over the 525 in December.”

Total sales of 252 units jumped 123% last month from the 113 sold in January 2009 and eased slightly (5%) from the 241 sold in December.

Residential units sold showed a 100% improvement over last year at this time (219 from 109) – a 2% increase from last month (214).

Sales of single family units were up 121% over last January (122 from 55) – a 12% increase from December (109). Townhouse and apartment sales improved 92% (25 townhouses sold compared to 13) and 75% (49 apartments from 28) over January 2009.

“With the market looking more positive compared to this time in 2009, we look forward to more balanced conditions in the months to come."

She says low mortgage interest rates and lower home prices than before the downturn will continue to spur first-time buyers.

"We are hopeful that the upcoming Winter Games could provide a golden opportunity for the Okanagan to attract the attention of Olympic visitors and potential buyers to consider investment and recreation property here instead of the Lower Mainland where prices are at an all-time high.”