Housing sales down 32% to 53%

In the month end report for April the Okanagan Mainline Real Estate Board (OMREB) states that both listings and sales fell. There were 24.25 per cent less listings than last year and unit sales were down 32.35 per cent dropping form 439 sold in 2010 to 297 this April. In dollars, the April sales were almost $110 million compared to just over $178 million for last year.

“April sales were milder than the rebound seen during the winter months before tighter credit and slower than expected economic recovery tempered consumer confidence and saw buyers sitting on the sidelines. Surging consumer demand in Metro Vancouver has been driven primarily by immigrant investment, overshadowing moderate results in the rest of B.C.," says Kent Jorgenson, OMREB Director and realtor in the Central Zone.

Jorgenson notes the results of OMREB’s Board‐wide monthly Buyers Survey – launched in September 2010 to profile who the buyers are, what they are buying and where they are from – shows that the majority of buyers are from within the Board area, and indicates that serious buyers are taking advantage of the current market conditions and leveraging their positive purchasing power while it lasts. First time buyers are a driving factor and they stimulate the chain of ownership.

The numbers are even lower in other areas. In the North Zone, covering: Vernon, Falkland, Armstrong, Enderby, Spallumcheen and Cherryville. Were down even more to 53.49 per cent. Only 80 homes were sold in the area in April this year compared to 172 in April, 2010. In the Shuswap Zone sales volumes were down 40.44 percent.

For comprehensive Board‐wide statistical information, visit: www.omreb.com

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