MARKET UPDATE MAY 25 2009
The market has improved a fair bit since the weather has come around…there have been 33 sold properties in Summerland on MLS the last 30 days…this contrasts with a low of 7 per 30 day period during the worst days earlier this year…so there are definitely encouraging signs in our spring market. One very positive factor is that we are not getting flooded with more listings as these sales can now start to chew through some of the heavy inventory of available listings for sale. Summerland currently has 287 active listings, which is still historically pretty heavy, but the key point here is that the # is NO LONGER INCREASING!
A true symptom of the market is that there have been ZERO sales between $335,000 to $350,000 in Summerland over the last 60 days while the market has been improving!
There have been 7 buyers pay between $300,000 to $330,000 but not one in the price category of say $335,000 to $345,000. This has been because there has been CHOICE for the buyers… and that is helping us to generate showings.
Hope this all helps, Patrick