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Mixed real estate market

Realtors in the South Okanagan are experiencing a mixed and segmented market so far this year, as certain sectors of the local real estate market struggle with the economic recovery.

Royal LePage Locations West Realtor Joan McMurray reports an extremely slow single family pre owned housing market in the Similkameen with overall real estate average sale prices 13 per cent lower than  a year ago. “The local market is favouring smaller homes, mobiles and condos,”  McMurray said.

Buyers are extremely price sensitive in this market and a downward price correction of four to five per cent may still be a reality in the future for the single family pre-owned market.

Similkameen market at a glance 2010 vs 2011 (year to date)

- 107 units listed this year to last year’s 116 units.

- 28 units sold compared to 28 last year.

- decrease of 13 per cent in average price ( 271, 295 in 2010 to 235,777 in 2011.

- 167 days to sell on average last year, compared to 161 in 2011.