Tag Archives: salt spring island market

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!

September 2021, Salt Spring Island Market Analysis

September Brings Fall to Salt Spring Island

September. Meteorological Fall is here on the 1st and the calendar catches up on the 20th.

Along with the seasonal shift, there are continuing government mandated efforts to diminish the effects of the fourth wave of covid. Masks are again essential, vaccination passports will be law, social distancing continues in public spaces, further closures may be coming if the virus continues to remain out of control, and booster shots are being discussed.

Global concerns, wars and rumours of wars, financial hesitancies (currency concerns, interest rates, inflation)…hmmm…turbulence continues in all domains.

Low Inventory on Salt Spring Island

What about the real estate outcomes in our region? The extraordinarily low inventory of available properties continues. In residential options below a million, bidding wars can still occur. In all price points/property types, sellers are often receiving “close to” or “at list” prices. It remains a sellers market in all the coastal areas, including on the Gulf Islands.

The main propeller to action continues to be a desire for a rural lifestyle, and it is now possible to authentically work from home. A lifestyle rewrite is a factor in a buyer’s decision to move to “apart” areas. Buyers continue to be mainly from the Vancouver/Lower Mainland region. They plan to live permanently at their chosen new location.

Sellers and realtors do not set markets…buyers do that. Buyers create action and set the pace in real estate sales. As long as buyers are desiring to live on a Gulf Island, sales will remain consistent.

Autumn Leaves on Salt Spring Island

Fall is a beautiful season on Salt Spring and the Gulf Islands. Early Fall can be a lot like late summer, and the fruition time continues. Lots to do and to enjoy.

With the return to some Covid restrictions, any large gatherings may be reconfigured or return to online versions (check on outcome for Fall Fair, for example).

The Saturday Market and the Tuesday Farmers Market continue…the farm gate stands provide amazing fresh produce and fruits/berries. The wine tastings at Garry Oak and Salt Spring Vineyards continue…award winning wines to enjoy here. The cideries and the craft brewery invite your tasting pleasures. The largesse of the season is here to be enjoyed on special Salt Spring. A WOW!

Li Read, Salt Spring Island Realtor

Thinking of selling? Call me for up to the minute market reports and knowledge of marketing opportunities. In a sellers market, there are few choices for a serious buyer…it’s still essential to optimize presentation in rural areas. The mainly non-local buyer is looking “everywhere” and all rural areas are in competition for the same buyer profile.

Thinking of buying? It’s true that a sellers market means less choice for a buyer, though there are always options for successful connections, no matter the market trend in play. It’s important to be pre-approved and so ready to act. It’s also important to recognize the authentic diamond in the rough…and to be willing for some renovations. Land, location, light, water…all in good order? Then consider taking on a property that will need updates…those are the ones that become good investments over time. More questions? Call me!

September on Salt Spring and the Southern Gulf Islands remains an inspiring month of natural beauty…many warm days, lots of clear evenings for star watching, and an invitation to enjoy hiking/walking trails. Patio/deck dining continues to be enjoyed (our terrific restaurants and coffee stops beckon). A softer season this early Fall moment…catch it!

July 2021, Salt Spring Island Market Analysis

Salt Spring and the Gulf Islands are practically perfect…

Salt Spring Island

The Suddenly, here we are at the very beginning of July.

This is now “real summer” and it’s a short season…lots to see & to do & to enjoy on Salt Spring Island and the Gulf Islands…always good to be a visitor in one’s home area…to remember why one chose a particular island (as a sometime destination and also as a permanent address).

These Gulf Islands are very special areas.

Nothing is ever absolutely perfect, of course, but many describe Salt Spring and the Gulf Islands as practically perfect.

Salt Spring offers a year round lifestyle (a hospital, three elementary schools, a senior school, three different regular ferry routes, regular sked floatplane service, indoor pool, theatre/arts space, and so on…very easy to go places, but one doesn’t “have to”.

So, what’s happening in the real estate market on Salt Spring at this very beginning of July?

There are 48 residential listings, not separating out waterfront, view, townhome…just residential.

  • 26 of the residential listings are between 299,000 and 998,000. (Of these, 5 are not yet built.)
  • There are 13 listings between 1.149,500 and 1,950,000.
  • There are 5 listings between 2,190,000 and 2,780,000.
  • There is one listing at 6,688,800.
  • One listing at 12,000,000
  • Two listings at 14,000,000.

There are 34 land listings. Again, not separating out waterfront, view, lot, acreage…just undeveloped land.

  • 27 of the land listings are between 232,500 and 995,000.
  • There are 5 listings between 1,199,000 and 1,395,000.
  • There is a listing at 2,150,000 and another at 2,495,000.
  • There are 3 commercial listings (2 business only and one land/business…listed between 149,000 and 980,000).

There have been 162 “solds to date”.

    • There have been 116 sales between 199,000 and 979,000.
    • There have been 37 sales between 1,003,000 and 1,985,000.
    • There have been 5 sales between 2,200,000 and 2,950,000.
    • There was a sale at 3,150,000.

There were 3 sales between 5,380,000 and 5,850,000.

Most of these upper tier sales were residential and one was commercial.

Salt Spring Island

Listing Inventory Still Low

The listing inventory remains shockingly low. Most owners do not want to be sellers, which means little new comes onstream to replace the steady sales. It is interesting that all price ranges are finding their buyer. There have been bidding wars, although lately it appears that this has settled down and many properties are selling at list price.

Government pauses to suppress covid’s spread did cause hesitations in the market, at various points. Between March 29 and June 15, all BC. residents were encouraged not to travel out of their health jurisdiction, and only essential travel was allowed. As of July 1st, intra-provincial travel will be allowed. The reopening of the U.S.-Canada border may be soon. Stay tuned.

Summer On Salt Spring Island

July is true summer. Although some events remain cancelled or are online for a second year, many lovely island venues are now open for your pleasure.

July begins an easing of many covid restrictions. Summer promises a more connected way of living. At last.

Salt Spring Summer Activities

What will you do to give yourself the gift of summer? Yes: swimming, hiking, kayaking, paddle boarding. Yes: dining on decks and patios, catching live music venues, gardening. Yes: reading a fat summer book. Yes: wine tastings, cider tastings, craft brewery tasting. Yes: starwatching. Yes: simply taking time to do absolutely nothing.

Fulford Kids love the last day of school, with its promise of two months for their summer holidays. Adults need a “time out”, too, and in this always on digital universe, perhaps we need to discover our “off button”…the adult version of “school’s out”?

Remember your Omar Khayyam: “the bird is on the wing”. Welcome July.