Summerland Real Estate Market Update…30 second read, with attitude!

HOUSING
96 SOLD properties in Summerland, 12 in the last 30 days
Lowest sale price: $190,000 for a modular on leased land (funny enough listed by yours truly)
Highest sale price: $1,900,000 for Trout Creek waterfront home built in 2005 (had been on market 2008 for $3,150,000 and in 2009 for $2,300,000)
Did you know that in the last 3 years, Summerland has had 18 SOLD for over $1million?  That is a million dollar plus sale every 60days for the last 3 years.  That is pretty consistent!  And ytd, the rate is slowed to one every 90 days, but still there!
SUPPLY
Ok, here is where we get soft!  Our Summerland market has seen an incredible flood of dreamer sellers who hire willing Realtors to “put it out there, hoping”…In my 20 plus years experience in markets across Canada, it really is something to behold in our little town!!!  There are 372 active listings in our town, ladies and gentlemen!  That is an incredibly high number for sale, and one firm alone has an astonishing 111 of those.  That same firm has successfully marketed a grand total of 6 in the last 30 days, for a success ratio of just over 5% sales success…I thought Roberto Luongo let the Canucks down with his save ratio of about 94%!
Have a fantastic day unless you choose to do otherwise!

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