The total number of Real Estate sales in 2016 on Salt Spring Island was 364 sales - that is pretty well 1 sale each day! This is a record breaking number, the previous highest number of sales was in 2003 with 316 sales. The 17 year average is 239 sales annually. Between 2008 and 2013 inclusive the number of sales was below 200 each year. In the rest of the Province the records show similar high numbers. The British Columbia Real Estate Association (BCREA) reports that a record 112,209 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2016, an increase of 9.5 per cent from the previous year. Total sales dollar volume was a record $77.6 billion, up 18.8 per cent from 2015. The average MLS® residential price in the province climbed 8.6 per cent to $691,144 on an annual basis in 2016. The total value of all properties sold on Salt Spring Island was over $200 million. What about the prices? The high sales volume exerted further upward p…Read more about 2016 Was a Record Year for Real Estate on Salt Spring Island
Real Estate Report: Improving Trend?
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 (ov…Read more about Real Estate Report: Improving Trend?