Patrick looks back at the year in R.E.

MARKET UPDATE
Year End Review of Summerland market conditions Dec 31 2010
Summerland total MLS sales: 164
Summerland total MLS active: 255
Summerland total MLS did not sell in 2010: 320

Almost double the number of listing expiries in 2010 compared to the number of sales. A very telling statistic! 255 active listings currently, compared to 164 sales for the year 2010 is another telling statistic! What’s it telling us? Well,
– Lotsa people wanna sell!
– Not many people wanna sell in current market conditions!
– 164 buyers did say yes last year
– Average days on market of those sold: 105
– But, 84 or 50% sold in 70 days or less!
– 2009 sales: 215 so… we had a 23% decline in # sold year over year but…
– 2008 sales: also 164 that year, and
– 2007 sales: 301!
As a way to crunch the current market, I compared the Dec 6 to Jan 6 30 day periods for:
2007 January 6 had 13 sold in that 30day period
2008 January 6 had 9 sold in that 30day period
2009 January 6 had 3 sold in that 30day period (note weakest 30days lead to strongest year)
2010 January 6 had 9 sold in that 30day period
2011 January 6 had 5 sold in this 30 day period

I think this year of 2010 sales truly will go down as the year that reflects major job loss for Summerland in an otherwise improving macro economy! 2011 should be very interesting, as there is a sense of optimism, and there is a sense of building buyer interest, and there is a sense of seller reality setting in!

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