Okanagan Real Estate Market Update

This overview is meant to give a realistic, general indication of market conditions in Summerland.  Current info as of today’s posting date, thank you for having a look!

As always, you can contact me direct 250 486 2529…enjoy the update:

There have been a good number of properties reported sold on MLS in Summerland the last month or so.
There were 2 vacant lots sold and 3 condo units sold, and all 3 were marketed by Re/Max Orchard Country.
One of the less expensive house that sold off MLS was$200,000 for a foreclosed house in Trout Creek, and one other foreclosure property was sold as well, for $245,000.
One of the highest prices achieved for a non waterfront, non acreage house in Summerland was $480,000.  This was also marketed by Re/Max Orchard Country.
Currently, there are about 250+ active listings in Summerland.  About 20% of those are very recently listed.  Comparing the sales with the recent listings, indicates a very soft market on the SELLER side, with almost a 3 to 1 ratio of “new” sellers to buyers.  But it is still very positive that demand is remaining fairly constant…but there are a lot of sellers for those buyers!
As an example, in the specific price range $450,000 to $550,000 there are about 16 active listings for a buyer to choose from, and only one has found a buyer in this price range recently.
The online activity RE/MAX Orchard Country is generating reflects a reasonable volume of interest when compared with other times of year.  Which is, as mentioned, positive because demand stays decent.  The challenge for a seller is, as always, to convert those looking online into serious buyers.  And, that is a major challenge given the economic times and the uncertainties people face in their finances.  However, the starting point is obviously to at least get them looking!  And that is one strong point with my marketing:  People are looking, people are asking, people are thinking…
One other measurement to report on is the number of page impressions generated direct from our own websites.  Here, we continue to obtain interest that is directly attributable to particular listings each week.  It is important to note that only fully loaded pages are counted, so these are actual interested people, looking at property listed with us.
We are pleased to also report that some of our Twitter messages featuring Summerland specific property was featured in the Fort McMurray Daily (an online Twitter generated update).  This is the kind of online “buzz” we work hard to create, and in particular locations such as Northern Alberta.
We also continue working hard to promote Summerland properties listed with RE/MAX as we work to generate more interest from “feet on the ground”.  RE/MAX window boards continue to attract Main Street interest.

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.

Thank you,
Patrick Murphy 250 486 2529
– Trusted
– Respected
– Connected
– Experienced
Always active on Twitter @pmurphy88
Always current on the blog www.youroklife.com
Often fun on Facebook
Forever grateful for kind referrals
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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