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Re-Balancing of the Market

Posted On: 2008-06-06

A RE-BALANCING OF THE MARKET IN MAY MEANS MORE CHOICE FOR BUYERS

The Shuswap Zone of the Okanagan Mainline Real Estate Board (OMREB) reported total sales dollars of all property types sold on the MLS® in May decreased by 24% compared to May 2007. Units sold were also down 32% over last year (124 units compared to 182 last May). However, the number of units listed on the Multiple Listing Service increased by 13% over last May (373 listings this month compared to 329 in May 2007).

“Property buyers continue to see an increase in selection while sellers are facing more competition as listings grow and sales cool down.” said Bob Cliffe, OMREB Vice-President and REALTOR® in the Shuswap Zone. “We’re experiencing a return to more normal market conditions. In a more balanced market, clients may be advised by their REALTOR® to take a little longer, look at a wider variety of properties and negotiate harder when it comes to price.”

Cliffe continued: “However, there are cautions to be listened to. It depends very much on where you are looking - and for what type of home - because we are experiencing varied market conditions in certain areas of the Shuswap and Revelstoke areas which is why local advice from your REALTOR® is so valuable.” The Shuswap Zone of OMREB includes the areas of Salmon Arm, Sicamous, Sorrento, North Shuswap and east along Hwy 1 to Revelstoke.

For comprehensive Board wide statistical information please visit www.omreb.com

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