There’s been some improvement in the North Okanagan real estate market.
In May, there were 165 units sold, up three per cent from 160 during the same month in 2012.
“We expected an up-trend in May which is typical of the housing resale market as buyers and sellers take advantage of the warmer weather and spring market activity,” said Karen Singbeil, Okanagan Mainline Real Estate Board president.
There were 150 residential sales in May, exactly the same as last year.
Year-to-date, sales were down seven per cent compared to the first five months of 2012 (from 583 to 542).
While inventory for May dipped 3.7 per cent to 2,471 from 2,567 in 2012, the new listings taken for the month (452) dropped 14.56 per cent from the 2012 level (529).
“Sellers have recognized that their properties must be priced within the current market conditions in order to obtain a successful sale,” said Singbeil.
“A seller who really does not need to sell is less likely to put their home on the market.”