April 2 2012 LOT MARKET UPDATE:
In the last 12 months, there have been 12 lot sales in Summerland, MLS. These were sale priced at an astonishing low of $83,350 for a very decent buildable lot on Mountford, up to a cool $1million for waterfront lot in Trout Creek.
The same period ending April 2011 saw 15 lots sold priced from $90,000 for a 1acre reposssession on Bentley to a high of $356,000 for a 320 acre parcel out of town toward Agur Lake.
And the same period ending April 2010 again saw 15 lots sold, priced from $89,000 for a downtown commercial lot up to $965,000 for a Trout Creek Waterfront lot in the newer subdivision near Ilahie Campground.
This fairly consistent demand is contrasted with the supply of 63 lots currently sitting on the Summerland market, starting at $115,000 for one of 5 active in RockGarden Estates, up to over $3million for a bare land parcel of 63acres near the Trestle and Summerland Golf Course.
In examining the supply of lots in Summerland, it is realistic to make some clarifications regarding some of the stagnant product that gives the appearance of such oversupply. If one disregards the 28 lots that have sat idle, unwanted on the market for over 400 days, and then, for our purposes, remove the 9 others priced over $395,000 for what really are acreage lots, we see a more realistic picture of what an average Summerland lot buyer would encounter.
The remaining 26 lots active on MLS then contrast much more positively against the demand of 12 to 15 sold each year for the last 3 years. However, this is still indicative of a pretty weak balance favoring buyers over sellers for lots in Summerland, just not as overwhelmingly negative as first glance would indicate. Clearly, the positive is that there are some buyers for lots in Summerland. And, this against an improving backdrop of sales of residential housing in Summerland.
But, you know, in truth, if you want to take the step of faith away from the crow, if you are feeling brave, click this:
I look forward to discussing this with you anytime, Patrick Murphy 250 486 2529
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