October, Salt Spring Island Real Estate Market
Authentic Fall. Harvest season, and the Saturday Market, Tuesday Farmer’s Market, and farm gate stands continue the theme.
Apple Fest pops up at the beginning of the month, the Canadian Thanksgiving Weekend celebrates mid-month, and the Hallowe’en finale reminds that soon the fallow field time will be with us.
Buyer Demand Remains on Salt Spring Island
In real estate, thin inventory continues and buyer demand remains a feature. The flight from urban to rural remains the driver of activity and most buyers continue to be from Vancouver/Lower Mainland.
In many cases, offers are held back for two or so weeks and then are all presented at same time (advertised this way on MLS)…this can lead to “over ask” bidding wars, or, at very least, to full-price and often unconditional offers.
Lately, buyers have been uncomfortable with these “offers to be presented all at same time/on a specific date” directions on a listing. Is this about buyer fatigue? Only one successful bidder and the one who takes it is without subject conditions.
Strong Sellers Market on Salt Spring Island
It still remains a strong sellers market. Buyers have to meet sellers expectations. How long will this last? Projections see this continuing into 2022/2023. It is about supply and demand. Prices are projected to rise. So many global issues and concerns…the seeking of safe havens is another aspect of the turn to rural and smaller communities. Land banking (purchases of land, with no immediate plan of building, might be a hedge against inflation? Another “hmmmm”…).
At this very beginning of October, 62 residential listings for sale on Salt Spring
- 23 are below one million
- 20 are between one and two million
- 10 are between two and three million
- 9 listings between 3,985,000 and 14,000,000 million
At the very beginning of October, there are 26 land listings (without separating out lots, acreages, waterfronts, views), between 259,000 and 2,995,000.
At the very beginning of October, there have been 335 sales to date.
- 267 have been below one million
- 55 have been between one million and two million
- 8 have been between 2 and 3 million
- 5 sales between 3 and 6 million
Low Listing Inventory
The listing inventory is shockingly low. Along with a market trend that currently favours sellers, the form of governance on Salt Spring and the Gulf Islands (the provincial government body known as the Islands Trust) effectively capped growth when it was created in 1974. Plus, the desire to live rural, the ability to seriously work from home, the allure of being self-sufficient and “apart” from urban issues…a perfect storm of transformational change? Maybe.
How to Enjoy the Beauty of The Islands
October…and on a Gulf Island. It’s fruition time. The splendour of the natural world is everywhere. Remember: we do have an editing function, we do have an off button, and we can give ourselves permission to enjoy the beauties of these islands.
On Salt Spring? Hiking/walking trails await, sailing races on Sunday afternoons, beachcombing delights, harvest menus (support the delectable restaurants), gallery meandering (don’t miss SSNAP (Salt Spring National Art Prize) showcase at Mahon Hall and the Parallel Art Show at ArtSpring. Star watching is terrific. Give yourself the gift of time.