It's not enough to look at the real estate sales comparison for Pender Island over the years, we need to compare that to active listings. You can see the percentage of real estate sales on Pender are very low in comparison to the amount of listings on the market. Many Buyers would think this means a Buyer's paradise!
Unfortunately, it is a little more complicated than that... many of our Sellers are seniors and although they are thinking of moving, they are not necessarily in a rush and want to get good value for their home since the chances are they are moving to the city where the costs of both rentals and purchasing can be much higher.
On the other hand many of the property owners on Pender Island are vacation homes or second homes and when times are tough additional properties can be the first thing to try and liquidate to ease those financial burdens. So depending on the urgency of that Owner's need to sell can greatly determines the pricing. Sometimes it is urgent and there are fire sales, sometimes a quick sale is the difference between selling or going into foreclosure, that’s when the Buyers have the opportunity to get a great deal and in turn those Sellers get some relief.
This is a fragile area, no Seller wants to be taken advantage of, they have all the emotions of financial complications, moving and having a huge change in lifestyle to deal with as well as the sentimental parting of a place of great memories with family and friends. So Even though it has all the appearances of a Buyer's market the reality is a property can only sell for what that owner agrees to sell it for. On more occasions than not they have a sentimental attachment to the property and clearly the Buyer does not at this point. Memories are priceless.
Here is the line graph that reflects the data shown above. Pender Island active real estate listings have been accumulating over the years. If we look at 2007 where in June the highest amount of listings in that one year was 40, compared to last year 2012 where the highest amount of active real estate listings on Pender was 127, that is almost a 300% increase.
The pink area shows the time of year, usually summer when there tends to be the highest amount of active real estate listings on Pender.
The last thing I want to share with you is the percentage of waterfront real estate listings on Pender Island.
So far this year, more than 30% of our active real estate listings on Pender Island are waterfront. That is a large percentage.
If you have any questions about these statistics pleaes feel free to contact me firstname.lastname@example.org .