As of March 27 2015, year to date there are 54 reported sold in Summerland MLS, with an
Average List Price of $410,000
Average Sell Price of $382,000
The 54 sold compares with 2014 same period sold 44. This approximately 20% year over year increase in number of sold properties also reflects a year over year increase in average price of over 10% as well!
First we would like to mention the addition of a very significant marketing tool in our efforts to get your property sold: Your listing now appears on the MEGA Real Estate Site:
This is one more way we generate interest, and potential buyers. This is a direct result of Re/Max International efforts with “Lead Street” which directs inquiries to us. The lead management system represents the absolute latest and most effective methods to get your listing information out to millions!
As with every other marketing tool of today, this is a way to catch the eye of a potential buyer. However, Homes.com, MLS.ca, Castanet.net, Facebook, twitter and on and on…will NEVER get the results on their own…these are just tools, but we do want you to know we use the latest, most impactful tools…always. But, all the latest and greatest tools will ONLY get results if we as your listing agent, are still able to get the job done! And that depends on good old fashioned experience, good old fashioned selling ability and, even then, it all comes down to: YOU.
As you will see in the following market report…unless the seller is prepared to make the tough decision on pricing…it doesn’t really matter how loud we “yell” to possible buyers…they will not buy unless they see value to their liking. period.
Market Update for Summerland BC
In the most recent 30 day period, Summerland has reported 18 MLS sold for all categories. In 2012 this same period recorded 26 sold, or 44% more sales in a direct comparison.
Looking at year to date MLS solds shows 116 in 2012, and 66 for same period 2013, or about a 25% year over year decline in Summerland sold properties.
The problem is that 2012 was no banner year for Real Estate in Summerland. However, the fact is that Summerland is slowly displaying evidence that the worst is behind in this market, as the pace of solds and the pace of new listings are both, finally, showing slight improvements.
Of particular note is that the most recent solds are properties that are higher priced than has been the case so far in 2013 until now. It is a positive signal of returning confidence there have been 5 sales reported for over $500,000 and not one of them was waterfront. That is a real positive for the local market.
Analysis of active listings, the supply side of the equation gives another positive indicator worthe pointing out.
Only 38 new listings have appeared in the last 30 days. While this is still a real indication of market weakness (more than one new seller every day), the “hidden” positive is that the PACE of new listings has changed for the better.
MARKET SEGMENTS BY PRICE
- $224,900 is the lowest price for a residential detached house in Summerland. There are a total of 14 listed under $300,000. In this price range, there was one sale the last 30 days. List price was $274,900 then reduced to $269,900 and sold for $257,000 after a total of 110 days on the market.
The listing comments on that sale included:
“Quality renovations include plank laminate and tile floors, custom closet and cabinets, custom lighting, and kitchen upgrades. 3 newer stainless appliances included along with washer and dryer. Energy efficient with a Energuide rating of 70. 2 year old, 98% efficient Lennox furnace as well as 1 year old central air conditioner. Cozy wood stove also keeps the bills low in the winter. Mature landscaping offers privacy through the summer in the spacious yard with deck, perfect for entertaining. Large shed in back makes for great garden and tool storage. This property has been well maintained and improved for the next owner…”
- There are 9 residential detached houses actively listed for sale priced between $300,000 to $350,000. In the same parameters, there was 1 reported sale the last 30 days. Original list price was $314,900 reduced to $305,000 and sold after a total of 59 days on market for $285,000<
- Price Range of $350,000 to $400,000 has 16 residential detached houses actively listed for sale. There was 1 sold in this category the last 30 days: Listed for $439,900 then reduced to $379,000 and sold after a total of 175 days on market for $364,500. This same property had been on the market last year priced at $454,700 then reduced to $447,000 but did not sell. Note that the eventual sale price is almost $100,000 less than the seller originally offered it for sale.
- Price Range of $400,000 to $530,000 has 24 residential detached houses actively listed for sale. There were 6 sales in this category the last 30 days. Of these 6 solds, the lowest sale price was $423,500. That property was listed for and sold for $423,500, but it had been on the market for 121 days previously, at a price of $529,000 then reduced to $519,000 and did not sell. Obviously, the sellers placed it back on the market this spring, at $429,900 and it sold in 21 days, for $423,500. The highest sale price in this sample was for $486,000. The property was listed for $509,000 then reduced to $497,000 and sold after 111 days on market. This property, like many others, had been on the market earlier, at higher prices, and it did not sell. The sale in 2013 was about $80,000 less than their original list price.
As the price parameters are reviewed, the market is speaking loud and clear:
There are buyers. There is a ready market for property in Summerland. However, the buyers will not pay prices that sellers have hoped for in the past, no matter how long the seller “hangs on” to that hope.
The sellers in this market that face the realities of what buyers will pay…are moving forward with their life plans, including selling. The sellers in this market that hold on the the hope for better prices are still waiting. We do not know just how long before there is a sign of price increase to be seen in this market. But the market is continuing to improve.