Real estate market shows improvement

Real estate sales in Summerland this past month reflect similar province-wide climbs compared to the same time last year.

More homes were sold this September than were sold during that month for the previous two years. According to information gathered by the South Okanagan Real Estate Board, this past September saw 21 residences sold in the Summerland area, 16 of which were single-family homes. Twenty-six units were listed. The average price of a single-family home sold in September of 2009 was $456,911.

During the same month last year, only six residences were sold out of 44 units that were listed.

The average sale price of a single-family residence sold in September of 2008 was $473,900. In September of 2007, 28 residences were listed for sale and 18 were sold, 15 of which were single-family homes. The average price of a single-family home sold in September of 2007 was $404,950.

Similarly, the sale of homes across the province climbed this September compared to last year.

September of 2009 saw a 68 per cent rise, with 8,576 more units sold than the previous September.

The average sale price of a home in September of 2009 was $474,169, compared to $412,149 the previous September.

BCREA chief economist Cameron Muir said the month saw upward momentum in consumer demand.

He attributed the rise to low interest rates available on mortgages, and a renewed consumer confidence in real estate.

The renewed peak, said Muir, was the highest-selling September since 2005, and the third highest ever recorded for that month.

While the upswing is not limited to the Lower Mainland, Muir said the Interior faces a slower increase.

“While Victoria and the Lower Mainland are exhibiting strong sellers’ market conditions with rising prices, housing markets in the rest of the province are experiencing a more gradual recovery.”

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