Okanagan Real Estate Market Update

After being involved in Real Estate in each of the last 4 decades, licensed in 3 different Provinces, and “feeding my family” all those years…believe me: I understand how to read a market!

Statistics told the story back in the 1980’s and they tell the story today. There’s just more to sort through, that’s all. Which of course, increases the value of that experience. After all, do you want input and advice because you rode in a taxi or went to the barber to get your harcut? Or ate at a restaurant and the waitress had some commentary?

Here we go, let’s have a look.

Markets Okanagan Real Estate Market Update


One rarely looked at stat is to see what is NOT selling:
There are 5 properties that have been sitting unsold for the longest. Each have sat for well over 530 days (not counting PREVIOUS expiries):
– 1 Bare land acreage with no physical access
– 2 Lakeview Townhouses “newer” construction
– 1 Apartment built over 20 years ago, age restricted, pet restricted, rental restricted
– 1 Detached lakeview house on Strata Lot, also built over 20 years ago
That’s a sense of what is NOT selling.

Another stat that does not make headlines, but is extremely important is to look at the 5 most RECENTLY LISTED:
– 1 Trout Creek Detached home with suite, price has been INCREASED since last time on market just over a year ago.
– 2 Rental investment units in the Summerland Waterfront Resort.
– 1 Detached house downtown
– 1 Acreage parcel with a house, listed for more money than when purchased just over a year ago.

Listings that did not sell and were most recently removed from market.
– 1 Lakefront house, “newer” construction
– 1 Detached House downtown near schools
– 1 Townhouse downtown, age, pet & rental restricted, built 36 years ago
– 1 Detached House near downtown
– 1 Bare lot, strata

D) Overall Consolidated Stats: For market snapshot.
282 Active Listings:
– 15 are farms, of which there were 4 farms sold last 12 month period, most recent sale was November 2012.
– 42 are lots, of which there were 10 lots sold last 12 month period, most recent sale was Dec 2012.
This shows no farms, and no lots sold so far in 2013.
– 16 active “commercial” listings, of which there were 5 sold last 12 month period, there were 2 sales recorded in April this category.
– 83 active are apartment/townhouse, of which 12 have sold in 2013 year to date
Total Sold Year To Date is 39, which is more than a 50% decline year over year, but very, very slightly better (not quite as bad!) as 2009, which was by far the worst sales results Summerland MLS reported over the last 10 year period.
17 Sold last 30 day window, which is more than a 50% decline year over year for this window.

E) What to watch out for:
– We continue to receive very positive market updates out of Edmonton, Calgary and other smaller centers where the economy is relatively strong.
– We continue to receive reports of weakening, but busy, markets in Vancouver, less so the outlying areas.
– There is mounting evidence of improved market conditions in the US.

F) What are we hearing from buyers:
– “Love the town, but what’s wrong with the downtown vacancies?” *Note, it is very unfortunate that Summerland had 4 new storefront closures in the month of April.
– “Love the town, but is there any newer product? Without all those restrictions?”
– “Why are there so few housing options to choose from?”

G) What we are hearing from sellers:
“We are just going to hold on till the prices improve.”
“I’ll just wait.”

H) What we are hearing from Realtors:
“I’m so busy, the market is definitely heating up. Just can’t seem to get buyer and seller together though!”

Live & Play, any day, every season…in a small town where life imitates a luxury car commercial.
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.

Patrick Murphy 250 486 2529
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