November 2021, Salt Spring Island Market Analysis

November 2021, Salt Spring Island Real Estate Market

Salt Spring Island, Fall

Salt Spring Island, Fall

November…and already real estate projections are into early 2022.

More than Meets the Eye

The real estate boards and media reports note that fewer sales are taking place right now. That is the first part of this stats information…the second part is often overlooked: the reason for fewer sales is that there are less listings to sell. It is not about lack of buyer demand.

A full-on buyers market and a full-on sellers market are extremes…and are difficult at both ends.

A buyers market simply means lots of listings and very few buyers. Buyers are in charge of outcomes and sellers price reductions are a part of the scene.

A sellers market means very few listings and many interested buyers. Price escalation is often an outcome in any new infrequent listings. Scarcity with strong demand creates this. There are many disappointed buyers, all vying for one listing that meets their criteria. This has led to bidding war/“over ask” outcomes.

Salt Spring Island Fall Market Statistics

At this very beginning of November, there are 61 residential listings on Salt Spring, not separating out waterfront, view, farm…simply residential.

  • 22 of them fall between 159,900 and 998,000
  • 20 of these are listed between 1,074,000 and 1,999,995.
  • 9 are listed between 2,049,000 and 2,888,000
  • 3 property listings between 3,985,000 and 3,999,800
  • Two listings between 4,888,000 and 4,595,000
  • Two listings between 6,300,000 and 6,688,800
  • One listing at 11,975,000.
  • One listings at listings at 14,000,000

At this very beginning of November, there are 26 land listings…again, not separating out waterfronts, view, lots, acreages.

The land options range from 259,000 to 2,995,000.

At this very beginning of November,

  • 248 “solds to date”…ranging from 199,000 to 5,795,000.

There have been several “holding back offers” situations, plus bidding wars, and many “over ask” outcomes. For more detailed information, please contact me.

Salt Spring Island: Sellers or Buyers Market

Projections continue to note that buyers are seeking rural places, where working from home is feasible, and where the lifestyle offers their wish list. Projections are also noting that listing inventory will remain low…most owners do not want to be sellers. Price rises are forecast. Buyers will need to continue to put their best foot forward, to secure a desired listing.

Are people land banking? Seeking investments that will protect capital? Maybe. These are uncertain times. Also, perhaps, the draw of a rural holding, where one might be self-sufficient, has an allure.

More information? Please contact me. Whether a sellers or a buyers market, there are usually work-arounds for a buyer to consider.

November is authentic late Fall. Weather will shift from fair to storm and back again. Live music venues, craft fairs, special events, gallery openings, hiking/walking trails to explore…the softer season still delivers pleasing experiences on Salt Spring and the Gulf Islands. Discover!