The Lower Similkameen real estate market continues to see a buyers market in the single family pre-owned sector, with more sellers than buyers right now.
A 25 per cent decline in units listed contrasts with a 125 per cent increase in units sold, based on July statistics compared to the same monthly period last year.
Average unit prices are also down by 22 per cent, with average sale prices in the area at $162,778 this year compared to $209,688 last year.
“Buyers are tending to be ‘condition sensitive’ in that they are looking at properties with very modest or no upgrades needed,” reports Royal LePage Realtor Joan McMurray.
“There is also interest in hobby farm properties, however, larger ranch, orchard and other agri-biz properties are moving more slowly, which is also typical for this time of year - those listings tend to pick up in the fall.”
Some interest is also being shown in commercial property, where local listings are fairly numerous. McMurray also notes that higher end mobile home and condo properties are also seeing continued high levels of interest.
New requirements for mobile homes which include CSA labels for electrical upgrades and B.C. site inspection labels for renovated homes have recently been introduced, which is having an effect on sales of older mobile homes in the area. Both new and used manufactured homes must now display an approved label prior to the sale of the unit. If the unit does not have a label, an electrical inspection must be done, or an application for an approving label must be applied for prior to sale.
“We’re seeing lower activity than in recent past years,” added Royal LePage realtor Greg McDonald. “But it is still active out there - prices have come down a bit this year.”