Business

Real estate sales down from 2010

ntinues to face some challenges in the North Okanagan.

While overall sales in March rose by 27.47 per cent from 91 units sold in February, sales were down 24.68 per cent compared to March 2010 (to 116 from 154 units) with sales volumes for the month at $46.6 million compared to $54 million last year.

Total residential sales dipped by 24 per cent over last March (to 101 from 133), and the average price for a single family home was marginally lower (five per cent) than 2010 (at $350,894 compared to $369,454), and the median price is down by only 1.76 per cent (at $335,000 from $341,000).

“Gradual but steady economic improvement, population and employment growth has returned the B.C. housing market to normalcy after two years of volatility,” said Rob Shaw, Okanagan Mainline Real Estate Board vice-president.

“News of rising interest rates could create a sense of urgency and stimulate demand as many buyers choose to get into the market while rates are still relatively low.”

 

 

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