Renée’s Market Update January 2018

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Hello my fellow Quadra Islanders! It’s been awhile since my last article and so much has happened so I thought I’d give you all an update on the current real estate market here on Quadra Island. I’m writing this article on December 5th so if any sales happen before it hits the next edition of the Discovery Islander my numbers may be slightly skewed, but here we go. Since January 1st, 2017 a total of 37 properties sold on Quadra Island. This is significantly lower than last year (2016) when 50 properties were sold. Out of the 37 sales, 13 of them were bare land, 12 were inland homes, 7 were view homes, and 6 were waterfront homes.

The average price for a lot was $330,000 but three of them were huge parcels (26 to 85 acres) so if we ignore those ones it brings the price to an average of $224,000. Not bad considering there are only 4 lots for sale in Campbell River right now and they are small city lots for $205,000 and up plus GST! Prices ranged from $75,000 to $830,000. The average number of days on the market (DOM) for a lot was 193 days, however one lot took 2 years to sell so if we ignore that one it brings the average DOM to 156 days. For the 12 inland homes sale prices ranged from $240,000 to $575,000 with an average sale price of $387,000 and 59 days on the market. A couple of these sold in 4 days! For the view homes prices ranged from $231,000 to $670,000 with an average sale price of $450,000 and 133 days on the market. And for the waterfront homes, there was 1 lakefront and 5 oceanfront that sold and the oceanfront ones ranged from $400,000 to $684,500 with an average price of $531,400 and 51 DOM. A couple of these ones sold in 6 days.

As for prices, these are going up due to low inventory as well as influences from the big island that send a ripple effect towards us. There are quite a few discouraged buyers hanging around Quadra Island right now desperate for land as well as homes under $500,000 (hint hint) so if you were thinking of selling now is a great time! They are waiting for new listings and there just haven’t been any in awhile!

Anyone interested in stats from Vancouver Island? The situation is still a bit dire for buyers due to record low inventory. There’s still very little for sale and this is driving up prices and creating bidding wars on the more affordable homes. If you want a home there you will want to act fast if you find one you like. As a result of the lack of lots (and lack of builders) the average house price on a rolling average basis (last 12 months vs previous 12 months) is up 18% from $342,600 to $405,500. The average price for the month of November was $424,700 vs $333,900 – an outrageous 27% increase over the same month as last year. It would be a fantastic time to be a builder right now if you could get lots. I believe that all the east coast communities will start to address the lack of lot supply. However Campbell River has a competitive advantage as it has adequate infrastructure to support a dramatic increase in population. Two of the most important items are water and sewer. With regards to water they are fortunate to have an unlimited reservoir and it is all gravity fed. Also when the city built the sewer plant north of town it was sized for a population of 50,000.  It also has great parks, a new hospital, and other infrastructure that makes the area an extremely attractive destination. Plus so close to Quadra Island! So we should definitely see more people moving here over time.

I get monthly stats from the Vancouver Island Real Estate Board as well as my office so if you would like reports emailed to you from time to time sign up for my newsletter. Give me a call at 250-203-8652 or email me at reneestone@quadraisland.ca to sign up.

Renée Stone
RE/MAX Check Realty