Following down below parts of a news release from the Okanagan Mainline Real Estate Board:
Sorrento, October 9, 2008:
The Shuswap Zone of the Okanagan Mainline Real Estate Board (OMREB) reported total sales dollars of all property types sold on the MLS® in September decreased by 46% compared to September 2007. Units sold were also down 34% over last year (82 units compared to 125 last September). The number of units listed on the Multiple Listing Service also declined by 14%
from last September (212 listings this month compared to 248 in September 2007). “Given all the recent global economic uncertainty, the latest sales and price figures in our local market are actually encouraging when compared to the troubling economic news we hear so much about.” said Bob Cliffe, OMREB Vice-President and REALTOR® in the Shuswap Zone. “This slow down has more to do with the cyclical nature of real estate. The moderation we are experiencing was predicted well over a year ago. Adding cautious buyers to the mix has added an extra variable which is putting some downward pressure on prices.”
Cliffe continued: “Today’s real estate market has a more normal stable environment where sellers can still realize a good return on their investment despite the more cautious and careful approach by buyers. Although the days of double digit price increases may have passed for now, whether you consider your home an investment asset or your valued possession; when you consider the current economic climate, real estate is proving a sound investment.”
The Shuswap Zone of OMREB includes the areas of Salmon Arm, Sicamous, Sorrento, North Shuswap and east along Hwy 1 to Revelstoke.
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