Summerland Market Update & Commentary

based on MLS statistics, most recent 30 day window: Aug 26 to Sept 26

# active listings all categories: 405
# new listings this 30 day window: 26
# solds this 30 day window: 25
This is the first 30 day window measure I can recall in many months were the # sold is equivalent to # new listings.  A positive stat on its own.  Reasons for diminished rate of new listings varies from time of year to seller fatigue to the basic concept among sellers that the fall/winter is not a good time to sell!  Fact remains, this stat, in its own right, is at least a positive.  And, key point to not miss:  25 solds is symptomatic of decent demand, bottom line.
The average list price of the solds is $370,400 and the average sell price of those solds is $352,000 and average time to sell for those that sold was 121 days.
SUMMARY: The ratio of sales to new listings is a positive change in the market, and the steady demand of 25 solds in the last 30 days is a continuing positive, reflecting broad based interest for buying in Summerland.  (there is no one single type of property that is selling more than another)
# solds same window 2010: 17
# solds same window 2009: 27
# solds same window 2008: 8
# solds same window 2007: 28
# solds same window 2006: 22
So, you see the current window solds of 25 is actually fairly decent, but this gets lost among the overwhelming number of active listings: 405, which, incidentally is the lowest # of active listings this year, so, again, not to shabby!

This market segment is perhaps the most encouraging looking at the last 30day window of demand.  Of the solds, there were 5 apartment condos sold.  Interestingly, only one of those was in the category of age restricted which Summerland does have a good supply of.  The majority of the sales activity this category was in the new building “the Rosedale” which does not have age restrictions.  The Rosedale dropped their prices, listed with MLS and started generating sales while the age restricted buildings have remained experiencing very soft demand.  REASON:  The buyer for those age restricted condos is primarily one who has sold already, while the Rosedale with no age restriction can be purchased by first time buyers and obviously by ALL/ANY mix of age demographic.

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