LOT SALES IN SUMMERLAND, market update June 4 2011
There have been 10 lot sales ytd 2011 with average sell price of $220,000, which is exactly the same number of sales as in 2010 at this time. But same period 2009 there were 14 and same period produced 16 in 2008.
The market for lots in Summerland has similar problems, however as the rest of the market: Supply is a gnarly mix of faded hope glomming on and twisting the market stats into something it is not.
The reality is that there is a decent, steady demand for decent lots at a decent price (see demand notes above). But look at this supply situation we face:
88 lots currently for sale. Against a backdrop of 10 solds, that is a three and a half year supply if no new lots come on.
But what is really telling about the situation is this: almost 50% of those lots have sat unsold for YEARS! Yes, literally YEARS! 40 listings in 2 developments just sit there in this market, last year’s market, year before’s market and so on…hint hint: they are not in demand, folks.
This has gone far beyond “waiting and hoping” for something to change. This is getting silly. And one wonders at what point WILL something actually happen there? Newly defines “wait out the market”…this is “waited out a FEW markets…so far”.
Oh well, take those out of the discussion, and there is actually only 3 lots that have sat on the market for over a year, a little more respectable. And that would leave a more true story of supply demand with only about a 2 year supply…still sad but at least not pathetically outrageous!
By the way, I do have my eye on at least one of those needles in a haystack lots that is actually a screaming value…happy to share it with you if let me know your interest.
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