Here's a quick market update for Salt Spring real estate to the end of August 2025.
Sales for the year to date total 115. The breakdown of these is 81 single family dwellings, 10 townhouse condos, 15 lots, 6 manufactured homes and 3 recreational/other.
The least expensive property was an RV lot in a seasonal, recreational co-op on St. Mary Lake at $127,000.
The highest price sale was a single family dwelling at $1,195,000. The asking price when it was first listed in March was $1,465,000 - that's a steep drop!
There were 20 price reductions and 13 expired or withdrawn listings in the month. This indicates that some sellers are rethinking their pricing strategy to get their homes sold.
The median days on the market in August was 112 which means half the properties have been for sale for more than that. This is a big increase from the prior two years which were 37 and 41 days.
Pricing correctly is critical in this market. There are still lots of buyers but they have some time to look and choose.
Always happy to talk real estate - give us a call. Cheers!
Comments:
Post Your Comment: