Okanagan Real Estate Update, Small town style

Summerland ytd all categories MLS in 2007 there were 93 properties sold.

Same period in 2009 there were 37 properties sold.

This year, 2012,  same comparison, there have been 84 sales.

See chart below for Sold Data:
2012 = 84
2011 = 66
2010 = 58
2009 = 37
2008 = 67
2007 = 93
2006 = 90

The biggest difference 2012 to 5 years ago is seen in the supply of places for sale in Summerland.  There are an incredible 284 active listings right now!  So, very encouraging sales activity numbers that continue to be overshadowed by the lingering oversupply.  And the pace of listings continues high with almost 2 new listings every day.

When the sales show less than one per day, and almost 2 per day new listings, it is clear why the length of time for most properties to find a suitable buyer is still much longer than what sellers would like.

For example, of the SOLD properties this year, the average length of days it took to sell is over 4 months.  Message from the market is that, even in this improved condition, sellers still have to be patient for a buyer to step up!

@pmurphy88

Patrick Murphy 250 486 2529 call or text anytime

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