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Dockside Realty Pender Island Market Update – April 2010

By Howard Sanders • May 25th, 2010

Here is the April 2010 Update for the real estate market on Pender Island, BC, from Howard Sanders and Dockside Realty:

Dockside April 2010 Update

There have been 19 Sales (38 Ends) Total all Pender since Jan 1, 2010 to May 15, 2010

Dockside has 17 Ends. Next Company has 14 Ends. Independent Agents have  7.

There was 1 Sale on Saturna Island

Dockside is the top Selling Office (according to MLS statistics).

The Average Home Price for April in all Gulf Islands is $518,917 (Victoria $624, 5149)

The Average Lots + Acreage for all Gulf Islands is $253,300 (Victoria $289,974)

As you can see from these Averages Pender Properties are becoming comparable to Victoria’s pricing.

This will likely result in a price correction because we do not have the infrastructure or the same ferry service here.

There are Currently 155 properties for Sale on the Penders

Dockside holds 74. Other Agency holds 77. Independents have 4.

There are currently 31 properties for Sale on Saturna

Dockside holds 14.  Other Agency holds 11.  Independents hold 6.

Number of Listings is way up both here and in Victoria, with product outweighing number of buyers. This provides buyers with more selection, hence pricing has to be more competitive (buyer’s market).

SOLDS Jan – May 15, 2010 – 19 Sales or 38 ENDS

Dockside had 17 ends

Next Company had 14 ends

Independents had 6 ends

TOTAL SOLDS HISTORIC

2009 – 72 1999 – 36

2008 – 49 1998 – 26

2007 – 111 1997 – 41

2006 – 96 1996 – 47

2005 – 79 1995 – 26

2004 – 125 1994 – 27

2003 – 163 1993 – 27

2002 – 106 1992 – 22

2001 – 49 1991 – 32

2000 – 31 1990 – 23

1989 – 17

When you look back to 1989 it appears that our market was very stable and prices rose gradually from 1989-2001 when there was an Average of 31 sales per year

In 2002 Sales jumped to 106 from 49 and continued with an Average of 113 Sales per year until 2008 when the market dropped to 49 Sales. We did do better in 2009, but we do not know yet about 2010 now so many listings.

We are doing everything we can to encourage people to come over to Pender Island!

Our TV commercials have been seen by some, and our Real Estate Magazines are all over Vancouver Island, the Lower Mainland, Calgary, and Edmonton and on the BC Ferries. Our New Website has just been launched. You can check us out in a couple of days, when it will be in full operation. Next month we will tell you more about our website’s special features.

Fond Regards from all of us at Dockside

 

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