Real Estate Report: How’s the Market?

The daily question for a Realtor® again has to be answered with qualifications and take into consideration that when you are dealing with small sample of data one or two anomalies can through all the ratios out the window. The attached stats are for residential sales only for this period of time.

What does it tell us? In general, it’s telling us the market is looking pretty good. We have had 25 sales to date in 2015 and compared to 15 and 17 respectively for the last 2 years for the same period. Of course, as any Realtor® will tell you, we can go for a period with no sales and the averages will come into line with the previous years but in this industry you have to have a positive outlook every day and try to keep the momentum going. In general it is looking pretty good so far.

A word of caution though, it’s not time to start raising prices. Since a very large percentage of our buyers come from “Away”, they perceive Salt Spring to be a rural island and are surprised by the price of property here. A common perception is that since properties have been on the market for what seems to be ages compared to where they come from which is usually a city somewhere, the sellers must be desperate. In fact the opposite is usually the case. Sellers for the most part want to sell but are not willing to take a huge hit on the price to do so in a quick sale. Even if the property was the perfect match for a buyer, unless they happen to be here today, and they have been studying the market for months so they  know what a good deal is or not, they probably have to make arrangements to come and visit from Vancouver, Calgary, Edmonton or Toronto so it’s not going to happen in an instant. It might take month to arrange to get here and see the property for themselves.

So far this year it is a thumbs up situation.

2015 Sales to date Jan1-March 11 Residential Sales.
Salt Spring - Real Estate Report - 20150312 - 01

2014 Sales (same period)
Salt Spring - Real Estate Report - 20150312 - 02

2013 Sales ( same period)
Salt Spring - Real Estate Report - 20150312 - 03

DoM- Days on Market
S/L- Sale price to List price ratio as a percentage
L/A- List price to BC Assessment ratio as a percentage
S/A-Sale price to BC Assessment ratio as a percentage

Salt Spring Exchange - John Cade - 2015John Cade
Pemberton Holmes Salt Spring Island

March 12, 2015 8:54 AM