The solds priced from $750,000 and higher price range in the South Okanagan year to date 2012 show a total of 6, 4 of which are in Summerland, all four in Summerland were waterfront. Of those sold, 50% were listed with one office: Re/Max Orchard Country in Summerland.
Looking at the supply side using same parameters that show 6 solds ytd 2012, we see an incredible 158 active listings. This oversupply of product priced $750,000 and up absolutely swamps any positive symptom coming from those 6 solds. Essentially, at 2 sales per month, this is an absorption rate that we do not need to bother calculating to see just how weak the over $750,000 range will continue to be over the coming years in the South Okanagan.
Incredibly, the pace of new listings in this price category is about 1 new listing daily, contrasted with the 2 solds per month.
On a side note, there is some sense of optimism locally as this Municipal Council looks to its Economic Action Plan and a newly reinvigorated Chamber working closely with Thompson Okanagan Tourism Association to position itself for outside investment.
Patrick Murphy 250 486 2529