Local real estate sales on rise

Overall sales in the North Okanagan reached 135 units in October, up 26.2 per cent

There’s been a significant upswing in real estate activity.

Overall sales in the North Okanagan reached 135 units in October, up 26.2 per cent from 107 units during the same month in 2011. Last month’s sales were worth $43.2 million.

“The outlook in our area remains relatively positive and is trending towards more balanced market conditions,” said Rob Shaw, Okanagan Mainline Real Estate Board president.

“Inventory is selling and new listings are down from a year ago, but buyers can still take advantage of low interest rates and a great selection of properties to choose from.”

Total residential sales for October improved 27.1 per cent over last year (122 valued at $38.9 million versus 96 at $28.8 million).  Single family homes rose 38.9 per cent over 2011 (75 units compared to 54), and townhouse sales were up 11.8 per cent (to 19 from 17).

Year-to-date unit sales in the North Okanagan are up 10.7 per cent compared to activity during the same period last year (to 1,290 valued at $431.6 million from 1,165 at $402.6 million).