Helpful Summerland Real Estate Comparisons

Patrick’s list of 7 Summerland Real Estate comparisons that will impact your day:
COMPARISON #1) Market Activity
17 solds in the last 30 days compared with 4 in same period 2009 compared with 28 in 2002.

COMPARISON #2) Pricing
Average sale price for this period in 2002 was $171,864
Average sale price for this period in 2009 was $371,250
Average sale price for this period in 2011 was $325,448 a drop over these 2 years of 12.3%.
Perhaps, then, employment changes have not impacted prices as significantly as we might have thought.

COMPARISON #3)
No “businesses” have sold in Summerland MLS yet this year.  One sold in 2010, one in 2009.

COMPARISON #4)
In the last 10 years, 216 “lots” have sold in Summerland MLS.  10 sold in all of 2010, and 38 sold in 2005: 4 sold so far in 2011.

COMPARISON #5)
Summerland residential 274 active listings with YTD 21 solds for a 7.6% absorption rate, compared with Penticton YTD 52 solds and 700 active listings for a 7.4% absorption rate. Naramata has 3 solds so far this year.

COMPARISON #6)
Over 60% of all unsold listings in Penticton can be classified as CONDOS. Summerland has 100 “condos” active listings, and of those, 23 are in the waterfront resort which does not allow full time owner occupancy.  The waterfront resort has an average 244 days on market, and there have been 118 failed or expired listings there since it came up for sale.  By the way, the number of actual sold or re-sale in there is unbelievably low.  If you really need to know, send me an email.

And, finally, COMPARISON #7)
In the last 12 months, Summerland had 282 “failed” or expired listings.
Penticton had over 600 failed attempts to sell in the last 12 months.

Thank you for giving this a look, I hope the information and answers are as helpful to you as they have been to many others over the years.  Obviously, if you are taking this time to read through, you are seriously considering.  I understand it really is a tough one if you know “a friend” in the business, especially in a small town like ours.  Many people know more than one friend in the business, so it can be tough.  My advice is to remember that this is a SEVERAL THOUSAND DOLLAR service contract.  You need to be sure you hire the best possible Agent, not the friendliest, not the one whose Mom sits near your Uncle in church…You owe me nothing.  You owe yourself the opportunity to choose who you want.  This is probably the most expensive money asset you will ever own, and it is very important you understand your options clearly, professionally.

patrickmurphy@remax.net

Helping you find your best real estate answers in this market!

Patrick Murphy

Realtor, RE/MAX Orchard Country

10124 Main Street Summerland
For helpful info on selling:

http://www.youroklife.com/serious-writings-by-patrick-that-will-help-you-if-you-are-serious-about-a-move/
Always remember I welcome your referrals!  You can check me out on facebook, text message or direct cell 250 486 2529.

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