MEDIA RELEASE
For Immediate Release
Increased Number of Listings Creates Variety in the Market
Vernon, April 7, 2008:
The North Zone of the Okanagan Mainline Real Estate Board (OMREB) reported that total sales dollars of all
property types sold on the MLS® decreased in March by 19% compared to last March. Units sold also
decreased by 30% over the same month last year (157 units sold compared to 225 last March). The number
of units listed on the Multiple Listing Service® in the North Zone was down slightly (from 463 last year to 434
this March).
“We have to be cautious in drawing quick conclusions when we see the high percentage decrease in both
sales dollars and number of units sold compared to 2007.” said Rob Shaw, OMREB Director and REALTOR®
in the North Zone. “March of last year was a benchmark unseen this decade and the adjustment we see this
year is reflective of a return to more normalized levels in sales.”
“In March, listing selection reached a level not seen – with the exception of last year – since the late 1990s with
new inventory peaking at 434 new listings.” continued Shaw. “With a significant increase in inventory coming
on to the market, and properties staying on the market longer, we will likely see a market more “buyer friendly”
than we’ve seen in the past year yet with enough demand to keep prices trending upwards.”
The North Zone of OMREB covers an area from Predator Ridge north to Vernon & Coldstream and also
includes the surrounding areas of Falkland, Enderby, Armstrong, Lumby and east along Hwy 6 to Edgewood
on the Arrow Lakes.
The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1258 member REALTORS® and 91 real
estate offices in the Central Interior of BC. For the most comprehensive source of all real estate listings, home
buying and selling information, visit our national websites at: www.mls.ca and www.icx.ca. Our local public
website is available at: www.omreb.com. All OMREB listings are published in our MLS® Real Estate Review
magazine available at all real estate offices and various locations in the Central Okanagan, North Okanagan,
the Shuswap and Revelstoke areas.
For comprehensive, Board-wide statistical information please visit www.omreb.com