Housing sales pick up as summer ends

If you're in the market for a new home, you're in luck.

According to the Central Zone of the Okanagan Mainline Real Estate Board, it continues to be a buyer's market.

OMREB figures for August indicate sales activity for all MLS property types picked up as the summer comes to a close.

While total residential units sold decreased by nearly 29% over last August, they were up nearly 10% over the previous month.

Overall inventory fell nearly 1% from a year ago while new listings decreased almost 6% from a year earlier.

"Like Vancouver and Victoria, the Central Okanagan market saw a welcome bump up in sales during August with current levels reflecting those in March 2009," says Brenda Moshansky OMREB Central Zone President.

"Sales bottomed out across the province in July so sales activity is expected to rise in the fall as recent downward pressure on fixed-term mortgage interest rates renews consumer confidence and sparks buyer interest."

As inventory goes down, Moshansky says buyers will not have the same housing options available.

Overall, sales activity has improved 8.82% over the first eight months of this year (2,723 units in 10 and 2,507 in 2009). Sales volumes over the first eight months has cracked the $1 billion mark, compared to nearly $970 million one year ago.

"A relatively high number of homes for sale has created the most favourable supply conditions for home buyers in more than a year," says BCREA Chief Economist, Cameron Muir.

"However, with newly listed MLS residential units now declining, tighter market conditions may emerge this fall as the property selection drops."