SUMMERLAND REAL ESTATE MARKET UPDATE

3194306 mega SUMMERLAND REAL ESTATE MARKET UPDATESUMMERLAND REAL ESTATE MARKET UPDATE

For purely statistical commentary, scroll down to:
Statistical Analysis of the most recent 30 day window, April 23 to May 23 2013

Meanwhile, some positive commentary on the Real Estate Market as reported from various sources, including the BC Real Estate Association:

  • The Real Estate Market in general is becoming improved, somewhat as the economy improves.
  • Alberta, an important source of buyers, posted the strongest economic growth in the country in 2012 and is expected to equal that performance in 2013.
  • The Northern BC economy remains a bright spot in the province, boosted by encouraging signs of a rebound in the forestry sector and continued investment in mineral, oil and gas exploration as well as infrastructure. Although we expect the overall BC economy to post only modest growth this year, the North should benefit from an acceleration of homebuilding activity in the US as well as a general pick up in the global economy in the second half of the year.
  • Total unabsorbed units in the Kelowna CMA have fallen to their lowest point since 2008 and the inventory of multiples is less than half of the 2011 level.
  • Stronger housing fundamentals in 2014 are expected to boost MLS® residential sales by 5.4 per cent.
  • Despite an excess supply, home prices have exhibited relative stability. The average MLS® residential price edged back just 1.6 per cent in 2012, and is forecast to fall back only 1.1 per cent, before finally rising in 2014 by 0.7 per cent.

Statistical Analysis of the most recent 30 day window, April 23 to May 23 2013

  • Penticton MLS reports a decline of 14% in year to year sales comparison with 2012.
  • Summerland MLS reports a decline of 27% in year to year sales comparison with 2012.
  • To consider that 27% year over year decline into perspective, Summerland MLS reports a SIXTY PERCENT decline when comparing the current market to the exact same window in 2007.
Live & Play, any day, every season…in a small town where life imitates a luxury car commercial.
Celebrating a proven past with a progressive future, where vineyards, orchards, and beaches meet in small town charm. Tucked away off hwy 97 in the middle of the Okanagan.
Patrick Murphy 250 486 2529
– Trusted
– Respected
– Connected
– Experienced
Always active on Twitter @pmurphy88
Always current on the blog www.youroklife.com
Often fun on Facebook
Forever grateful for kind referrals
 
share save 171 16 SUMMERLAND REAL ESTATE MARKET UPDATE
This entry was posted in Real Estate BLOG. Bookmark the permalink.