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North Okanagan home sales drop

The North Okanagan’s real estate market continues to experience some challenges.

Overall sales for September 2011 slipped by 26 per cent compared to 2010 (146 to 108), while there was a 6.48 per cent dip from the 115 units sold in August. Sales volumes went from $56 million last year to $33.9 million last month.

Residential sales for September were down by 26.3 per cent compared to last year (from 133 to 98), and single-family sales fell 39.47 per cent over 2010 (from 76 to 46 units).

“Despite the current slowdown, the north zone has experienced steady activity and stable home prices over the past few months so we are cautiously optimistic moving forward,” said Darcy Griffiths, with the Okanagan Mainline Real Estate Board.

“Most segments continue to hold their own while the recreation and investment sectors remain sluggish, being most impacted by opportunities south of the border, and Canada’s slower than anticipated economic recovery and modest job growth.”

Griffiths added that overall demand in most B.C. markets has cooled along with lagging consumer confidence.

“Belt-tightening and apprehension about making big purchases have continued as ongoing concerns over personal debt load, net worth and employment are being influenced by news of American economic uncertainty, global instability and equity market volatility,” she said.

 

 

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