Okanagan Market Update

Market Information

town from south pod Okanagan Market Update

Summerland MLS Lot Sales Activity:
Lots Sold         Average Sale Price
2012: 14         $208,000
*one sale marks low point in prices, sold for $83,350 and another, a small downtown commercial sold for $85,000
2011: 17         $263,000
2010: 11         $189,000
2009: 15         $342,000
2008: 16         $253,000
2007: 19         $667,000
*one sold for over $2 million, and another, a waterfront development parcel sold for over $5 million

Summerland MLS LAKE VIEW Lot Sales Activity 2012:
5.8 acre non lake view sold for $305,000
1/3 acre lake view sold for $290,000
.8 acre lake view sold for $245,000
1 acre “lake view” sold for $265,000
1/3 acre bare land strata “lake view” sold for $255,000
Lot 9 Jewell Place 1/3 acre “lake view” sold for $168,000
The same lot 9 sold in about 2004 for $115,000

I note “lake view” as being not a very great lake view, in my opinion.

dads 014 Okanagan Market Update

Summerland MLS Lots Active For Sale:
There are 48 active lots listed. There are 4 active multi lot subdivisions that continue to sit unsold, which account for about 50% of the supply. These have sat available and unwanted for many years, including much stronger market conditions.
Excluding that 50% of unwanted supply, Summerland has 1 lake view lot listed currently at $298,000 for a 1/3 acre lot on a busy road. And a 3.28 acre lake view lot listed for $499,000. Those 2 lake view lots are the only available for sale unless the 7 acre parcel for $1,950,000 on Hiway 97 with high bank waterfront.

 

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Celebrating a proven past with a progressive future, where vineyards, orchards, and beaches meet in small town charm. Tucked away off hwy 97 in the middle of the Okanagan.

Thank you,
Patrick Murphy 250 486 2529
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Nobody in the World Sells More Real Estate than RE/MAX, and only Patrick Murphy offers the widest advertising coverage of Summerland properties across Western Canada and Northern BC into Alberta.
Call or text Patrick now, 250 486 2529
RE/MAX Orchard Country 10124 Main St Summerland

 

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