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Market Analysis

Current Market Conditions

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Copyright, Li Read, 2021

June, 2021.

Ocean view we are at the very beginning of June. That signals the half-way point in the year’s outcomes.

I always think that real estate rhythms break into thirds on Salt Spring and the Southern Gulf Islands.

The first third has two parts: early Spring (February/March/to mid-April) and “real Spring” (mid April to mid-June). The second third is late June to mid-October. The third pattern encompasses late October to late January.

Oceanfront chairs
Even with the many pauses and hesitations enacted by the provincial government, during this Spring, to stop the progression of covid outbreaks in B.C., this underlying pattern remained subtly in effect.

Where do we find ourselves at this very beginning of June, with the real estate market?

It’s the same tune we have been humming since late June 2020: very low inventory and continuing strong buyer demand.

View from dock
Most owners still do not want to be sellers and buyers are still seeking a rural “apart” lifestyle change...though with conveniences such as hospital, good schools, ease of access, and opportunities in January as well as in July (thus, the allure of Salt Spring).

At this very beginning of June, 2021, there are 45 residential listings on Salt Spring (not separating out waterfront, townhomes, farms, view...just simply available houses). There are 21 residential properties between 420,000 and 989,900. Another 14 listings between 1,050,000 and 1,950,000. There are five listings between 2,190,000 and 2,780,000. One listing at 4,995,000, one at 6,888,800, one at 12,000,000, and two at 14,000,000.

At this very beginning of June, there are approximately 33 land listings (again, not separating out waterfront, farms, lots/acreages, view options). Prices range between 232,500 and 2,495,000.

At this beginning of June, there have been 144 sales to date. Since mid-February, we have seen several bidding wars and many properties (mainly residential options) have sold substantially over list price.

Any infrequent new residential listings are coming onstream at higher prices...and they often sell with still higher prices (driven up by more buyers than listings).

Over time, low inventory and high buyer demand do result in price escalation. Add market lack of inventory, a result of the overall Islands Trust cap on growth, and locally we might be facing a strong uptick trend moment. Recent reports of lower sales statistics simply reflect the lower inventory available to sell.

View from Narrows West
June is really the invitation to summer...the calendar calls it that by the 20th, but the ambience of the season is really there from late May. Meteorological summer starts on June 1st. So important to jump right into the brief weeks of summer and to enjoy their many pleasures.

Dining al fresco on decks and patios, swimming in lakes and at favourite ocean beaches, kayaking and paddle boarding along the shoreline, reading a fat summer book while lounging on a hammock, hiking a trail, switching up the menu to include those delicious farmers market salad materials, savouring sunsets until late evening, star watching and recognizing constellations...yes, it’s summer...and it still smiles its welcome.

Thinking of buying a property on special Salt Spring and the Southern Gulf Islands? Call me. Benefit from my knowledge (of inventory and trends), expertise, and solid experience in connecting buyers with sellers. Your best interests truly are my motivation. No matter the market trend at any particular time, there are always work-arounds for successful outcomes.

Mt Baker & ocean view
The Gulf Islands are magical places, preserved and protected by the provincial government via its mandated Islands Trust (ask me about this), where growth is controlled by strict zoning bylaws. The Gulf Islands and Salt Spring Island are known as authentic artists colonies. The foodie revolution is alive and well here. Alternative healing therapies are offered. Discover....

Summer? Oh more gem...on Salt Spring, live music is featured regularly at Treehouse and at Moby’s. Enjoy!

Tel: 1-250-537-7647

2020 MLS Medallion 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