“Perfect Storm” of market demand momentum meets nightmare lack of supply
Housing affordability is fundamentally linked to the relationship between the housing stock and market
Strong economic growth has created rising labor demand and consumer confidence side effects, while net migration and a wave of millennials entering their household-forming years have rounded out a “perfect storm” of demand-side momentum. In turn, the supply of resale homes on the market in Metro Vancouver has plunged to decade lows. This has led to continuing upward pressure on home prices, because elevated consumer demand hasn’t been matched by an equivalent increase in supply.
As reported by BCREA Market Intelligence.
In Summerland, the current average list price of a single family home for sale on MLS is: $1.3 million. But we all know that waterfront homes are the most expensive segment, and can sometimes skew the average, so let’s remove the 3 most expensive waterfront listings.
The average price drops to a more “realistic” $1.1 million.
There are a total of ONE singe family home listed under $350,000 in Summerland right now.
There are 23 listed over $1million and 10 listed under $525,000.
For specific market information and to learn how best to place your property for sale, contact Patrick Murphy direct at 250 486 2529.