Market Analysis, February 2017, Salt Spring Island
The real estate market shows its tone by mid-February, in our secondary home marketplace. It seems that the first six to seven weeks of a New Year continue the tenor of November and December of the previous year.
A resurgence in sales, resulting in a very thin inventory and a stabilizing of prices….these are continuing signs of a market uptick. An increase in tax assessments that reflect the strong sales in the previous year…such assessments are mailed out to property owners in early January…is another marker. Multiple bids and higher selling price over list price: that has happened, if a property is unique, and is another sign of an authentic turn into seller’s market conditions.
It is wise to allow January and early February to unfold. The secondary home markets see their busiest moments between mid-March and end of October. Best, perhaps, to let the first weeks of a new year bring forward the clues to the rest of the year. By mid-February, the first whispers of the main trend start to be heard.
So, meantime, attend conferences that offer arrows of information about the future. Pay attention. Be aware of shifts and changes.
It’s the fallow field moment: the roots are busy, but very little shows above ground.
Salt Spring and the Gulf Islands remain extraordinary places to visit, to enjoy, to choose as special places to live. They are “seasonless” experiences. There is always something to discover and to be inspired by.
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Source: Market Analysis – Salt Spring Island Real Estate