LOT SALES UPDATE
Looking at the region first, we find 185 active listings under the MLS category for lots. These are priced from $79,900 to over $7 million (which has sat on the market for over 800 days (over 2 years). Myself, I haven’t bought a lottery ticket in 3 years, so I suppose I am just not with it…
Same category, there were 44 sold last year, for an absorption rate of 4 years, if no new listings come on market this category. Ouch.
The lowest price sale last year was $103,000 and the highest price sale was a cool $1million.
Narrowing our focus to just Summerland market, we find 59 Active lots, priced from $100,000 to $3,499,000. There were 17 lots sold in Summerland last year MLS, priced from $110,000 to $1million.
That is an absorption rate of just over 3 years, which, as nasty as that is, turns out to be a fair bit stronger than the region absoprtion rate. Summerland market for lots is statistically one of the better markets!
And Summerland lot sales over the years have maintained a fairly steady demand factor:
2011: 17 sold
2010: 10 sold
2009: 14 sold
2008: 16 sold
2007: 19 sold
2006: 29 sold
2005: 38 sold
2004: 28 sold
2012 year to date has seen 2 lot sales, and I personally know of one other that is pending subject removal.
And as for Summerland lot SUPPLY…still appears very weak, with 32 of the 59 active listings having sat idle on MLS for over a year! But, at some point, the word IRRELEVANT has to come into play here, as 29 of those lots have been unsold for over 500 days! The market is saying NO THANKS but they just don’t want to hear that, apparently! So, if we look at REAL supply, those lots that have NOT sat stagnant, stale, and und wanted for so long, then we see really only 27 actual lots listed for sale in Summerland, against the last years sales of 17 paints a very different picture!
Of the solds the average list price was $235,800 and the average sale price was $222,660
And of the “truly active”, the average list price is $297,234 and average time on market is 151 days.
In Trout Creek, there have been 6 lots sold since Jan 1 2011, and there are 6 active. The majority of the actives are on the new development Britton road. These are priced from $239,000 to $255,000. The most recent sale in there was in August 2011 for $250,000.
Patrick Murphy 250 486 2529