Anyone trying to sell their house continues to experience challenges.
Overall October unit sales and sales volumes in the North Okanagan slipped by 15.25 per cent to 100 units ($30.4 million) compared to 118 ($36.8 million) in 2010. They decreased 7.4 per cent from the 108 units sold this September.
“The dramatic divide between the Lower Mainland and Interior markets has narrowed considerably as lagging consumer confidence and apprehension about making big purchases has cooled the overall demand in most B.C. markets,” said Rob Shaw, Okanagan Mainline Real Estate Board vice-president.
“Concerns about employment, personal debt load and net worth continue to be fuelled by economic uncertainty, equity market volatility and global instability.”
Total North Okanagan residential sales for October fell 5.89 per cent to 90 units compared to 107 last year, and dropped 8.88 per cent from the 98 sold in September.
Single-family sales rose 4.08 per cent to 51 units over 49 in October 2010, and improved by 9.8 per cent compared to 46 sold in the previous month this year.
While last month’s inventory dipped slightly (0.91 per cent) to 2,390 compared to 2,412 last year, the 324 new listings taken in the North Okanagan showed a 10 per cent decrease from 360 listings in 2010.