We have pulled some data that we think might be very helpful for someone selling or buying real estate on Pender Island. We understand that the laws of supply and demand may have an impact on the pricing of real estate. Currently we have a huge surplus of Real Estate Inventory on the market.
As of today, March 18, 2011 we have 87 residential listings on the market. You can see on the graph above that January and February both show the highest quantity of listings since 2006. This means a lot of competition is out there.
The chart below is the same data shown in the graph above but allows you to see the actual numbers of active listings on Pender since 2006. We have highlighted the months that have the highest amount of listings each year.
So if we look at the chart above we see that in February 2006 there were 13 active listings with the comparison of this past February 2011 with 84 active listings on Pender Island we see a huge difference in the amount of real estate properties listed. This is an increase of more than four and a half times (467%).
You would think with these numbers that prices were dropping like boulders thrown off a high cliff but that does not seem to be the case. The Sellers on Pender are very different in that many times they are not in a desperate situation to sell. They would like to sell but only if the price makes sense to them. It can be frustrating for a Buyer who sees all the signs of a great Buyer's market. There has been price drops here and there and it is apparent who wants to sell "NOW" by their price drops.
There are many scenarios that have an impact on a Sellers desire to sell and for what price. It is not always price that is the key motivator, sometimes it is dates. You as a Buyer are in the best position to negotiate if you are flexible. Flexible with terms, dates, items included or excluded.
If you, as a Buyer, make us aware of your needs we are happy to include you in our database to notify you when those opportunities that match your needs are there. Just drop one of us a line and let us know you are interested in Pender Island real estate updates and we will be happy to assist.
If you are thinking of selling your home but are not sure if the time is right and want to weigh your options we can help with that too. We are happy to be a sounding board for you and your plans. We will help you evaluate your situation and give you the information you need to make informed decisions. We offer property management services too so we can also help you evaluate if renting out your home is a good option for you too.
This blog was written by Charmaine Harris charris@coastalliferealty.ca
© 2011 Coastal Life Realty Ltd.
