MARKET UPDATE April 14 2011
With some trepidation, I prepare this Real Estate Market Update…Based on MLS info Summerland
Year to date: 51 solds
Current inventory: 317 active listings
Absorption Rate: just shy of 2 years if no listings were to be added the next 2 years
19 sales the last 30 days, 51 new listings last 30 days
This is over two and a half times MORE coming on the market than are selling the last 30 days. (how would you describe “flood”?)
There is one house priced under $200,000 (to qualify for a “normal” mortgage, a buyer would require $50,000 down payment for this property).
Next closest house priced under $250,000 (a quarter million dollars) in Summerland had an accepted offer within the first 3 days it touched the market. Otherwise, next most “affordable” house in Summerland is just under $260,000 and it is a “bank owned” distress sale. (ironic, no?)
Are you drawing your own conclusions here regarding “affordable” housing in Summerland? Hope so.
Thanks for giving this a look, Patrick Murphy
RE/MAX Orchard Country
10124 Main St
250 494 8881