Salt Spring Island, June 2024, Market Analysis

June’s Beauty

Lovely June is here…the month of roses…in gardens and parks and also wild at road edges. An elegant flower, an inspired fragrance…worth seeking out at this meteorological start of Summer.

Blossoms in orchards have spun their way to pastures to allow budding fruit to grow forward. The great Pacific Northwest Coast offers May to September as key months…late Spring-into Summer-into early Fall. June brings the beginning of summer vacations, weddings, graduations, family events…and Nature speaks the tongue of beauty. So important to observe.

Real Estate Market

The real estate market can be quieter in early June, perhaps reflecting the hiatus of family events. By the third week of the month, the Summer Market kicks in. Inventory remains low, and in spite of interest rate effects buyers are willing to make offers again. The pause of uncertainty seen in 2022 and most of 2023 is over as we continue through 2024. The buyer profile remains mainly a Vancouver/Lower Mainland purchaser.

Sales Trends

  • Higher end sales are occurring, but the main sales are still below 1.3.
  • Townhomes listed below a million are active.
  • It is rare to find a single family home ready to enjoy that is listed below a million.

Market Dynamics

Change remains the watchword of our time. Changes to the Real Estate Act continue. The impact of AI remains a factor. This is an election year in B.C. (vote in October), and that brings party discussions to the fore. Global uncertainties continue. Currency concerns and a desire to drop urban for rural continue as key motivators for buyer action. Most owners do not want to be sellers.

Current Listings and Sales

At this very beginning of June, there are approximately 115 residential listings on the market. Some of these are properties listed before, now returned to market for perceived Summer activity. Most listings below one million are townhomes (strata zonings).

Salt Spring Island

Salt Spring Island

At this very beginning of June, there are approximately 44 Land listings on the market…not separating out lots, acreages, view, waterfront, pastoral options.

At this very beginning of June, there have been approximately 66 sales to date:

  • 43 of these sales were below one million.
  • 17 of these sales were between one and two million.
  • 4 of these sales were between 2 and 3 million.
  • Two sales between 3 & 4 million and one at 9.9.

More information on “what’s for sale” and “what has sold”? Contact me for further details of property types and initial price points.

June Activities

Meantime, it’s amazing June. Art galleries in Ganges are showcasing new works for the season, studio tours are underway, tastings at wineries and cideries, craft brewery, live music venues entertaining us, spa treatments to ease us into the new season, seasonal menus to celebrate at our great restaurants and coffee stops, the start of ArtCraft at Mahon Hall, beachcombing and picnics, sunset viewings on the longest day of the year, sailing races, whale watching, hiking/walking trails beckon…lots to enjoy!

Salt Spring Island

Salt Spring Island

June…a reminder to be paying attention to Nature’s largesse and to truly enjoy. Yes, lots of concerns out there in global issues. Turn off the phone. Take Five (thank you, Dave Brubeck). This is the season to sit and ponder and observe the delights of June. It’s spectacular. Summer is here…smile!