How’s the market?

SUMMERLAND MARKET OVERVIEW
29 reported MLS sales last 30 days
2 under $100,000
3 from $100,000 to $200,000
8 from $200,000 to $300,000
7 from $300,000 to $400,000
6 from $400,000 to $500,000
1 at $590,000
1 at $750,000
1 at 865,000

Active listings in Summerland 274
64 newly listed in last 30 days

Listings priced less than $250,000 in Summerland consist of lots, adult restricted condos and vacation rental units in the waterfront resort.

LOTS IN SUMMERLAND
There are “lots of lots” for sale in Summerland, and not many solds:
5 mls sales in Summerland 2009, 2 in the new Trout Creek subdivision sold to the same family represented by REMAX, one in Jewel Place (originally marketed by REMAX) and one waterfront lot for $965,000!
Those 5 sales pale in comparison to the supply of 63 active listings. There are 6 “developments” still trying to sell out their “newly created” lots, which comprise most of this supply. Many lots in Summerland are “bare land strata” which means they are in a strata community of lots.
For example, starting at $169,900 there are some available, but not yet registered by the developer (PRE-SALES, not a very positive phrase these days!)
The lowest price lakeview lot is $196,500, with an accepted offer in place by a local builder.

FARMS IN SUMMERLAND
There have been 6 “farm” mls sales in Summerland 2009! Lowest price $515,000 for 8 acres with a mobile home. Highest price was a court ordered sale of 444 acres in Meadow Valley with grand log house, listed $2million, sold for OVER FULL PRICE $2,250,000 to the highest bidder! There were also 3 other “farm” properties that sold for over 1 million this year (one listed by REMAX, one sold by REMAX!)
There are 20 active mls farm listings in Summerland, from $449,000 to over $3million! 6 listings are in the over $1million category.

BUSINESSES IN SUMMERLAND
There are 17 active listings in “business for sale” category. While 3 are showing as sold this year. REMAX listed and sold the Main St Deli Cafe building and business for $425,000, congratulations to Bill and Irene for serving an entire generation of students over the last 13 years!
(Still the only “restaurant” in North America that sells shoes in one corner and ice cream cones in the other!
One item to clarify is that the two most expensive
business listings are actually rental properties here in town, one is commercial the other residential…both pretty good revenue opportunities.

Summary
While the market has improved in terms of sales activity, we now see more listings coming on the market in response. No surprise there, the market is improved but still has supply overhang. However, there continues to be very little choice for buyers under $250,000 looking to live “somewhere” in Summerland.

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