Lots & Acreage for sale, Market Update

Parameters of report:  All prices, bare land, lots, Summerland, Naramata, Penticton, Ok Falls, Kaleden.
There have been 3 sales this category last 30 days.
$115,000, $240,000 and an 8 acre lakeview orchard listed for $975,000 sold for $650,000 ($82,000 per lakeview acre)
No sales reported otherwise.
39 new listings have come on the last 36 days, bringing total supply this category these parameters to 296 active listings.

Most notable among these new listings are the return of Stonebrook at Naramata Benchlands developments for sale and two new Summerland lakeshore listings, at $1,200,000.

Otherwise, there is no change to supply over the $1million mark this category.

However, of note is the improving sales climate in general for the Summerland market, where total MLS sales last 30 day window have increased to 26 solds in 30 days.  This is positive activity, as this represents the best buyer activity seen in at least a year, and possibly 2 years.  Of particular note is that 4 of those 26 sales reported the last 30 days have been for GREATER THAN ONE MILLION DOLLARS.  And, specifically, even though 3 of those 4 were in fact waterfront, this still represents a very positive change in the local market.

It has been my experience that for a market to “improve” the waterfront must lead the way, followed by view acreage sales.  With this positive turn in the market demand side, I would suggest that a more balanced market, less slanted in favor of buyer may well be in its infancy.  In terms of market timing, this could be a wise time for a move on this type of property.

Patrick Murphy



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