July 28, 2009. Slowly, very slowly, we are "upticking" in price point, and the buyer who traditionally looks at Salt Spring Island & the Southern Gulf Islands is back pondering us as a second and third home choice.
The B.C. primary residence areas (city marketplaces) saw an increase in high end action, by May/June, but in our discretionary market, where no one "has to" live here, and where a decision to purchase is always based on choice, we had viewings but few sales. This has begun to change, and the uptick is occurring right when our traditional grid of action takes place -- mid-July, August, September, into early October. Last year, of course, nothing happened as we were totally into a "fear market". This year, there are cautious steps back into activity, and it's recognized that the low interest rates, the sellers who will "listen" to an offer, may not last much longer. The concern over the validity of cash as an investment vehicle, along with low inventory, creates this sense that this is an excellent time to buy, and it appears that a lot of potential buyers are listening and are agreeing. The listing inventory remains very "thin", which means that we may start to see multiple offer situations develop on Salt Spring and the other Southern Gulf Islands, as people begin to think about acting, and owners who don't have to sell still want to retain their island properties...only one listing, and several buyers for same, does mean a return to a seller's market. More thoughts? Call anytime! Looking for Island real estate? How may I help you to discover your dream property? liread33@gmail.com