News

Real estate sales steady

The local housing market remains steady and continues to see modest gains.

The Okanagan Mainline Real Estate Board (OMREB) reports April 2012 sales activity of all MLS property types were up compared to the same month last year and have improved over the first four months of 2011.

“Okanagan-Shuswap home sales saw gradual improvement during April,” said Rob Shaw, OMREB president. “We continue to see up and down fluctuations in each zone as there are a lot of dynamics in our area – depending on the community, housing type and price point.”

Shaw notes, “In April, sales were the strongest in the North Okanagan with a 30 per cent improvement over 2011 and single family homes saw the most significant gain with a 48 per cent increase in units sold.

In the North zone (Predator Ridge to Enderby), there were 136 overall sales for April compared to 105 in 2011, and sales volumes were up 26.1 per cent to $45.9 million from $36.4 million.

Sales for the month also improved 8.8 per cent over March to 136 from 125. Inventory during April dropped 4.7 per cent to 2,366 (2,483 this time last year) and the 466 new listings taken for the month dipped 3.1 per cent from 481 in 2011.

“We are seeing modest improvements in sales and small gains in overall demand,” said Shaw.

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