LOT & BARE LAND UPDATE, YTD MLS Summerland

7 of the most recent 11 sales have been bank ordered sales.  There have been only 4 sales this category that were not bank ordered sales in the last 8 months, and there have been almost 4 new listings come on for every one of those non bank ordered sales.

Currently there are 82 active listings this category.  Exactly half of those listings have sat unsold for more than a year!  And there were over half again as many that tried but did not sell in the last 12 months.

Using historical sales rates since 2006, that gives Summerland about a five year supply, which is obviously weak, but using CURRENT sales rates, there is almost a ten year supply for this category!

One development in particular has sold… ONE lot in over 50 months of sales effort.  Yes, that is one lot sale in over four years for that Summerland development.

In a competing development, one Realtor has 17 active listings stating “Be part of Summerland’s newest 34 lot subdivision.”  Those lots have been sitting unsold for almost five years.

While I have previously written about the state of Main St as an economic canary in the coal mine, these stats convey a whole new dimension regarding the state of Summerland’s economic well being.

On another note, the Tourism Chamber Visitor Center numbers were up again last year, the Garnet Valley Gang had their best year ever, and the Kettle Valley Steam Train enjoyed record ridership last year.

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