While the market was very quiet during the second half of February and in most of March, in total, the number of sold properties in 2010 to March 31 is at 43. This compares favourably to the dismal market of last winter (15 properties sold in the same period). In larger perspective, in the same period 53 properties sold in 2008, 60 properties in 2007 and 34 in 2006.

Perhaps we need to wait until the end of the year for the following observation but in the residential non-waterfront sector (22 properties sold this year to March 31) the average sale price was $554,250 up from $518,325 for the whole year of 2009. The median sale price also rose in the first quarter of 2010 to $492,500 from $441,000 in 2009 (the entire year).

This could be signalling a shift in the demographics and the nearing of the end of great opportunities in the entry level properties largely enjoyed last year. However, the inventory of current  listings is still very high at approximately 420 (all categories) as compared to approximately 320 at the same time in 2008 and approximately 230 listings at the end of March of 2005. This could cause further flurry of price reductions especially of some of the properties that remained priced too high.

Courtesy of Tom Navratil
Realtor, Royal Lepage Saltspring Realty