Where did the year go? Here we are in December already?! I have taken some time to analyze the data for this year’s listings and will share what I have found with you. It has been a relatively slow year for real estate on Quadra Island.
Remember last year’s post when I was so surprised to see how few properties had sold compared to previous years? Well that number dropped again this year! Here’s a list of sales going back to 2016:
2016- 50 sales
2017- 42 sales
2018- 28 sales
2019- 24 sales
I have friends and clients looking to get into the market and they are all upset about the rising prices. Well we all know demand drives prices- it’s a basic economic principle, so unless property owners start selling their properties en masse I can’t really expect prices to drop….sorry! The low inventory situation has persisted across Vancouver Island and the outer islands for a number of years now and it has continued to raise prices. If there was a glut of homes for sale we’d see those prices start to drop. So it’s still a seller’s market which means if you’re a home owner who has been considering selling your home it’s a really great time to do it! Don’t wait til the new subdivisions start selling properties and lots (hint hint).
What has sold in 2019?
LAND – this year 6 lots sold. Prices ranged from $210,000 to $411,000 and lot sizes ranged from 0.35 acre to 14.5 acres. There are still 4 lots for sale currently and 2 of these have accepted offers on them (as far as I know).
INLAND/NON-VIEW HOMES – 5 sold for between $419,000 and $760,000. There are still two for sale, one on Cape Mudge Rd and the other on Harper Rd. The Harper Rd listing is fully available (buyers could not obtain financing), and it is zoned commercial and is subdivideable.
VIEW HOMES – 10 view homes (non-waterfront) sold this year ranging from $265,000 to $785,000. There are 3 homes still for sale at this time.
WATERFRONT HOMES – 3 sold this year fetching between $615,000 and $830,000. Five remain on the market. It’s been a tough year for waterfront properties with most sitting on the market for quite awhile, which is unusual.
Ten listings expired or were cancelled this year.
Data from VIREB from November 2018-November 2019 shows average sale price in 2018 was $422,486 and in 2019 it was $464,415, an increase of 10%. Average days on market in 2018 was 153 and this year it was 53 days, not surprising given the low number of properties for sale.
The VIREB report does break down the data into property types. For the November 2018 to November 2019 data it shows:
SINGLE FAMILY (non acreage/waterfront/strata/modular/prefab had an average sale price of $395,000 in 2018 and $525,000 in 2019, and increase of 33%
SINGLE FAMILY ACREAGE average sale price $497,000 in 2018 and $593,000 in 2019, an increase of 19%.
SINGLE FAMILY WATERFRONT $627,000 in 2018 and $491,000 in 2019 (very few sold), a decrease of 22%.
ACREAGE $171,000 in 2018 and $268,000 in 2019, a 57% change.
If you would like more information about any of the properties that have sold or are currently for sale send me an email or give me a call! firstname.lastname@example.org or 250-203-8652
Did you know? I’ve been a full-time Quadra Island resident since 2011 and have a personal office inside the Discovery Islander office at 701 Cape Mudge Rd (a few minutes drive from the ferry).
Looking to buy? Let me guide you through this tough market, I have lots of tips and strategies for you. Looking to sell? Don’t forget to call me for a market valuation of your home within 3-6 months of your desired listing date and ask about my services and marketing strategy.
Wishing you a happy holiday!