Welcome to the year-end market update brought to you by June and Scott Simmons - The Salt Spring Team at eXp Realty. As we wrap up 2024, this overview dives into the past year's market dynamics and casts a forward glance at expectations for the upcoming months. This report will benefit buyers, sellers, and those keeping an eye on local market trends, offering insights into the ever-changing landscape of Salt Spring Island’s property market.
Salt Spring Island Real Estate 2024: A Moderate Climb in Sales with Varied Price Points
Salt Spring Island's real estate market concluded 2024 with a modest rise from the year prior. A total of 184 properties changed hands, with a sales volume of $200,962,221. In comparison, 2023 had 174 property transactions, amounting to $178,749,852 in sales.
A noticeable adjustment was seen in the median price of properties, including parcels of land, which dipped to $861,250 from the 2023 peak of $907,500. It's important to note that the median price—a figure where half the sales are higher and half are lower—serves as a reliable marker of the market's central valuation, offering a balanced view amidst the high-end and budget-friendly listings. This year's softer median price, a result of increased activity in the lower-priced property segment, signaled a welcome shift for those seeking more affordable options on the island.
The apex of 2024's market was a striking waterfront estate, trading hands at $9,900,000. On the other end of the spectrum, the most affordable standalone home—a cottage in need of repairs—sold for $360,000.
Throughout this review, you'll find the 2024 Salt Spring real estate market shown in a selection of charts and graphs. Our findings are primarily sourced from the Victoria Real Estate Board’s multiple listing service—providing a comprehensive portrayal of Salt Spring’s market conditions. Note that our data may not include every transaction, as we are excluding listings from other boards, exclusive listings, and direct (private) sales.
When discussing real estate market trends, it's vital to know the difference between median and average sale prices. The median price, which finds the middle value of all sales and isn't swayed by extremely high or low prices, often gives a clearer picture of what a typical home costs. On the other hand, the average price, calculated by dividing the total sales amount by the number of properties, can offer insights into the overall health of the market but may be skewed by a few large transactions.
Highlights and Insights: Detailed Overview of Salt Spring Island Real Estate Market Sales in 2024
Precise Transactions: Analyzing Salt Spring Island's Real Estate Sales Statistics of 2024
Residential Properties
Types Included: Single-family homes, townhouses, manufactured homes, and recreational properties.
New Listings in 2024
Total New Listings: 273 (257 in 2023)
Average Listing Price: $1,444,711 ($1,429,716 in 2023)
Median Listing Price: $1,149,000 ($1,165,000 in 2023)
Sales in 2024
Total Properties Sold: 162 (153 in 2023)
Average Sale Price: $1,170,378 ($1,067,272 in 2023)
Median Sale Price: $876,200 ($950,000 in 2023)
Current Inventory December 31, 2024
Total Active Listings: 72
Percentage Change from Last Month: down 25% from 96 in November
Price Range: From $149,000 for a seasonal RV lot to $8,650,000 for a luxury estate.
The following graphs provide more detailed information by residential type, monthly sales and historical comparisons.
Land Properties
New Listings in 2024
Total New Land Listings: 65 (56 in 2023)
Average Listing Price: $630,098 ($731,402 in 2023)
Median Listing Price: $519,900 ($599,900 in 2023)
Sales in 2024
Total Land Sold: 18 (20 in 2023)
Average Sale Price: $521,611 ($762,865 in 2023)
Median Sale Price: $449,500 ($608,500 in 2023)
Current Inventory December 31, 2024
Total Available Land Listings: 27
Percentage Change from Last Month: Steady from 27 in November
Price Range: From $289,000 for a 1/4 acre to $2,290,000 for 23 acres.
The following graphs provide more detailed information land prices, sales and historical comparisons.
2024's Dynamic Real Estate Market on the Island: A Year of Surprising Shifts and Recovery
The real estate market on the island in 2024 struggled to find its balance and experienced a series of shifts and transitions. During the initial part of the year, sellers still enjoyed a slight advantage in the market dynamics however sales were slower than expected in April and May. The summer months were characterized by increasing inventory and a notable downturn in sales, accompanied by widespread price reductions. As the calendar flipped to October, the tide turned. In the last quarter, the market saw an unexpected increase as buyers came back, giving a much-needed boost to sales. By the end of the year, things had evened out, and the total sales volume ended up being similar to the past two years, thanks to a noticeable increase in buyer activity during the autumn.
Interest Rates and Economic Trends
The Bank of Canada’s reduction of interest rates, including a 50 basis point drop to 3.25% in December, provided some predictability and lower mortgage rates. This helped maintain active interest in Salt Spring Island properties. However, global economic shifts and local economic policies will be crucial in shaping the market dynamics as we enter 2025.
Advice for Buyers:
Considering a purchase? Collaborate with experts who know the terrain, like the Salt Spring Team. With decades of combined experience, local expertise and deep understanding of the area, Scott and June are perfectly equipped to navigate the distinct nuances of island real estate. We are committed to helping you discover your perfect property that aligns with your lifestyle and investment goals.
Advice for Sellers:
Preparing to sell your property? The key is to showcase it at its finest. In a market brimming with options, homes that shine are the ones that capture attention and spark bidding wars. Start by decluttering and ensuring both the interior and exterior are spotless. Thinking about a presale inspection can also be wise, as it helps identify any repairs that could boost your home’s value. Taking steps to improve your property's appeal can not only speed up the sale process but also significantly increase your profit.
Looking Forward to 2025
We expect an uptick in property listings with the arrival of spring—this is a pattern that consistently emerges every year, making us quite confident in this prediction.
The key question that remains is whether the market will lean towards buyers, sellers, or find a balance. Due to the relatively small scale of the Salt Spring property market, changes can happen swiftly. In light of persistent economic and geopolitical uncertainties, we maintain a cautiously optimistic stance for 2025, predicting some volatility as the market seeks equilibrium.
The Salt Spring property market may ebb and flow but a number of factors contribute to its resilience. The island is set against the stunning backdrop of the west coast, complemented by a gentle maritime climate. The island lifestyle is characterized by a relaxed rhythm, abundant with nature trails, local markets, and lively arts and cultural festivities. This serene environment caters to introverts seeking solitude and nature's embrace, while the vibrant community events and markets offer extroverts the social buzz they crave. The proximity to major cities adds a touch of convenience and is an added bonus.
Moving into 2025, the lessons learned from past years give us good reason to be hopeful and well-prepared for the real estate market. Although we might encounter economic challenges, our community's resilience and our successful local approaches suggest that the real estate market on Salt Spring Island is prepared to adjust and prosper.
Stay tuned for more updates from as we continue to navigate the changing tides of real estate together. Whether considering buying or selling in the upcoming year, we are here to assist and guide you every step of the way.
Happy New Year! May 2025 bring prosperity, joy and successful real estate endeavors to all!
