Real Estate Market Report, about 64 seconds to read…a lifetime to cherish. Seriously good insight, though!

Market Update Summerland Year to Date 2012

There have been 52 MLS sales so far this year in Summerland. Compared with 46 same period last year and 46 same period the year before. The big news is, in 2009 same period, guess how many sold? EIGHTEEN! So, while an increase of only 6 for same period last year may SEEM Ho Hum, please remember this is actually a very decent climb back from some pretty scary stats not that long ago! And, under the hopeful category, note that the current market is actually exactly the same as 2008 with 52 solds.


So, of those 52 solds, lets note that

– almost HALF were in March (25 sold)

– 12 of those 52 sold in under 30 days exposed to market

– 3 of those 52 were lots, 2 of which sold under $100,000

– 3 of the 52 were mobile homes on leased land

– 3 of the 52 were apartment style condos

– the 4 highest price sales were waterfront


Looking at the same results in a bit different way, we can see the PACE of certain types of real estate:

1 condo apartment per month was sold

1 lot per month was sold

1mobile home per month was sold

MORE THAN 1 waterfront property per month was sold


Now, compare that PACE against supply:

52 solds against 289 active listings means decent demand but weak, oversupplied condition

3 condo apartments sold against a supply of 67 units means simply weak due demand, but also weak due to oversupply as well

3 lots sold against a supply of 63 also displays weak demand with weak oversupply continuing

3 mobile home sales against a supply of only 7 mobile homes listed for sale is a reasonably balance supply/demand equation

I look forward to reviewing any of this with you at anytime,

Patrick Murphy 250 486 2529


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