The Real Estate year of 2014 finished decidedly on a higher note. For the first time since the price peaking years of 2007/8, the number of sales exceeded 200, representing a 17% increase from the last 5 year average of 183 sales per year.
A total of 214 properties exchanged hands on the island in 2014 with the total volume of $111,039,622. All numbers in all sectors were moderately up. The average price of a non-waterfront SFD is now $507,159 ($249,839 in 2000 and $623,492 in 2008). In the oceanfront property sector the average sale price is $982k (the average sale price in 2008 was $1,875,333 and $554,049 in 2000).
6 non-waterfront homes sold over $1 mil but only 9 in the waterfront sector (interestingly enough, the most sales of waterfronts over $1 mil occurred in 2012, 14 in total).
In 2014, there were 16 Townhomes sales, 11 homes in Brinkworthy and 22 sales of vacant land.
The highest sale was a waterfront property on Bold Bluff – sold for $3.545 mil (over asking price), the least expensive SFD home sold for $127,650 (mobile home on 0.5 acre). The least expensive (and very nice) building lot sold for $97,500.
The lower price ranges continued to dominate the market but we also saw resurgence of sales in the range over $500k. There were 17 SFD homes sold under $300k, 33 sales in the range of $300 - $400k and 36 homes sold between $500k and $700k.
2015 should help us to see whether 2014 was the beginning of an improving trend or just another better year on the way to recovery. While the higher numbers in the non-waterfront sector represent only a moderate increase, the marked improvement in sales and prices of waterfront and luxury homes could signal the start of a gradual improvement.
This would be good and long awaited news for the Sellers, but it would also mean less selection and eventually higher prices for the Buyers.
Tom Navratil is a Realtor with Pemberton Holmes Salt Spring, he has been keeping Real Estate stats since 1994. Saltspringhomes@gmail.com