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Market Analysis

Current Market Conditions

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Copyright, Li Read, 2022

May, 2022.

Seaplane
The very beginning of May signals summer-summer pleasures.

Interested in a rural lifestyle? May 1st at Ruckle Farm is a great introduction to the agricultural world on Salt Spring.

Sailing is your thing? Crew always welcome at the Sailing Club races (Wednesday evenings).

Boats passing
The Saturday Market and the Tuesday Farmers Market are well underway...along with farm gate stands around the island. The 30K diet is possible on delectable Salt Spring.

Mother’s Day is celebrated at the Salt Spring Cheese property. Special menus at our signature restaurants (Hastings House is offering a Mother’s Day dining experience). Wine tastings at our stellar vineyards...cider tastings...craft brewery. Picnics on our beaches and at our parks. Walking/hiking trails beckon. Adventure on with a kayak visit to Chocolate Beach. Meander the Ganges galleries. Sunset viewing at Vesuvius Beach....

It’s a short season, this segue from Spring-into-Summer...catch it and enjoy. Salt Spring and the Southern Gulf Islands are a year round discovery pleasure, but May is that extra special annual event...Nature smiles us into ease.

Beach
What about real estate at this very beginning of May? The thin inventory continues. New listings, if they are in good order (renovated, ready to move into) do not last long. They are selling for “at” or “close to” list price.

The seriously “over ask” dynamic that was a part of February to October in 2021 has dissipated. The “all offers to be presented at “day x” and “time y” seller/realtor directives” have eased off. This enforced bidding war has calmed in 2022, in the secondary home/rural markets.

Lack of supply remains the issue and until the three levels of government (federal, provincial, municipal) address this lack of supply, it seems that high prices will remain in effect. Add in the value of hard assets in inflationary times and real estate remains a very appealing investment.

Sailboats
One cannot ignore global issues: wars and rumours of wars, supply chain problems, lingering covid outbreaks, inflation pressures...are just a few such. Rising interest rates will cause issues for first time buyers and those who struggled to be home owners during the low rates time.

Salt Spring and the Gulf Islands have not usually been first-time buyer areas. The Islands Trust (in place since 1974) effectively capped development via zoning/bylaws to restrict growth. These island gems have thus long been places that had limited inventory, regardless of market trend in play.

Real estate is a market like any other...a wave motion...up/down/up/down...it seems, though, that the desire to leave urban for rural is a strong one...and lack of supply may be with us for some time.

View from dock
At this very beginning of May, there are 53 residential listings. They range from 259,000 to 14,000,000. There are 14 listings below one million. There are 15 listings between one and two million. There are 12 listings between 2 and 3 million. There are 4 listings between 3 and 4 million. There are two listings between 4 and 5 million. There are 3 listings between 6 and 7 million. There is one listing at 11,975,000 and two listings at 14,000,000.

At this very beginning of May, there are 20 land listings. They range between 259,000 and 5.4 million.

There have been 57 “solds to date”, at this very beginning of May. There were 32 sales between 100,000 and 998,000. There were 21 sales between 1,038,000 and 1 995,000. There were 2 sales between 2,000,000 and 2,295,000. There were two sales between 3,200,000 and 3,725,000.

Marina dock
Although we live in chaotic times, with dramatic changes, and “flux” might be a word to generally apply to almost everything, there is always opportunity. May is fully Spring on the Pacific Northwest Coast and the message of renewal is all around us. Are we listening?

On Salt Spring? Rediscover the beauty and the allure that attracted us all in the first place. Hang out the welcome sign for visitors. The Gulf Islands offer artistic inspiration, physical beauty, ease of living, garden possibilities, sea discoveries...in the heart of some of the best protected boating waters in the world...the Chamber’s promise (“Discover Yourself Here!”) definitely applies.

Seeking real estate solutions on Salt Spring? Please contact me. Award winning service for sellers (2021 Medallion Club award) and successful outcomes for buyers...I look forward to bringing my knowledge and expertise to your benefit. Your best interests truly are my motivation. I look forward to meeting you.

Thank you.

Tel: 1-250-537-7647
E-Mail: LiRead33@Gmail.com

2021 Medallion Club award.




Contact Li Read at Sea to Sky Premier Properties (Salt Spring), 4 - 105 Rainbow Road, Salt Spring Island, BC, V8K 2V5; Direct Tel: 1-250-537-7647