23 seconds of blissful market update…sort of

MARKET UPDATE

Summerland MLS last 30 days price range $250,000 to $350,000

There have been 3 sold and this leaves 56 Active listings. There were 44 properties marketed in this price range last year that did not sell.

Of the sales, the highest price sold was for a home on Prairie Valley:

Original List price $324,900

Reduced $314,900

Reduced again $309,900

Sold $292,500 after total of 163 days on market, for almost 10% less than original list price. This home had a thorough renovation with fresh paint, gleaming hardwood floors and new carpet, new central air and a new deck, with 4 bedrooms 2 bathrooms and a huge back yard.

Sold for $292,500

There are 7 homes listed under $300,000 that we will compete with IF you price yours below $300,000! Right now, we are not even competing with these because we are priced above $300,000

 

However, there is no economic indication whatsoever that there will be improved demand for this price range in Summerland. (need for new jobs)

Last year’s demand for the upcoming 90 day “spring market” window produced a total of 12 solds. If demand stays the same as last year, or improves slightly, this would result in a strong absorption rate (good for seller) IF no new product came on.

However, as mentioned previously, it is very important to recognize that the spring market will bring forth a fresh competitive supply of sellers from the 44 that did not sell last year. (never mind the year before, of which there were also many)  And this does not include simply…those who NOW will want to sell.

For example, there have been 6 new sellers come on the market this price parameter the last 30 days. That is DOUBLE the number of sellers to buyers and is an indication of supply set to come on the market as spring progresses.

Patrick Murphy

patrickmurphy@remax.net

 

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