While the current real estate market is still fairly active, this time of year is not quite as hectic as the spring and summer can be. So I find myself taking care of so many things that get set aside because I was simply too busy earlier in the year. My desk gets tidied up, all those important papers get organized and filed away. I get excited about being able to sit down and think creatively! I enjoy ad design and I also like to think about new ways to target new audiences and increase my presence, especially online. A further reach and new eye-catching media means better exposure for your listings, and it keeps my job fun! And here I am finally posting on my website for the first time in awhile-sorry for the delay! I have been working on Quadra and Cortes Islands, as well as Campbell River so I’ve been busy!
One thing I like to do towards the end of the year is to look back at the year’s sales and to compare these to previous years. You’ve probably heard realtors commenting about “low inventory”. And this is what I will be talking about in this post today. Yes, inventory has been low. Record low in fact. Here are some stats (all are year to date):
2016- 45 properties sold (16 lots, 28 single family homes, 1 fourplex), 18 listings expired (=didn’t sell)
2017- 38 properties sold (13 lots, 25 homes), 11 expired
2018- 20 properties sold (5 lots, 15 homes), 9 expired (none of these expired listings are mine!)
Some sobering statistics indeed! Despite the fact property values have gone up significantly, home owners aren’t selling! Since 2016 there has been a 56% reduction in the number of homes that have sold.
I currently have many buyer clients looking for property on Quadra Island. They all want to live here year round and join our community. These aren’t investment buyers or people looking for vacation homes. Some are locals who are renting and want to buy their own home. Some are people from off island (about 1/3 young families and 2/3 new retirees) who are trying to move here. Most have been looking for two years with no luck. Some have given up completely and moved elsewhere and some are trying to find a place to rent while they wait for a house that meets their needs to hit the market. The problem is there is a major shortage of rentals and so they are striking out with that too. Yes, there have been homes for sale, but many of these buyers are looking for more affordable properties (usually under $550,000). In the past couple of years there have only been a handful that have been listed at the more affordable price points and they have sold within a week with multiple offers. It’s a tricky time for buyers right now! And what a great time for sellers! My advice for buyers is to get in touch with me right away so I can sign you up to receive new listings via email the day they hit the market. At the same time, make sure you are pre-approved with your lender and have funds at hand for a deposit as well as funds for inspections (well water, septic, home inspection, wood stove, etc). Anytime a new listing comes up call me to set up a viewing right away. Be ready to make an offer that day if you like the property! And there’s no time for bargain shopping I’m afraid. Other offers will likely come in so expect to pay the full list price (or more). I know I know! You don’t want to hear this! But if you want to “win” an affordable property you will need to fight for it as they are rare and demand is high. There is no time to dawdle.
So here’s hoping for a spring 2019 with lots of new listings and buyers happily house shopping and fulfilling their dreams of small island life! Or maybe we will see some new subdivisions open up in the Cove where the sewer has been installed and permission for high density housing has already been written into the Official Community Plan? It may take some time, but things will get better and Quadra Island will make room for all of you. If you’re looking for property on Quadra Island give me a call and I’ll get you ready to pounce on the next house that comes up for sale 😉