SJI Real Estate Market Summary
Posted October 21, 2015 at 5:40 am by Tim Dustrude
Merri Ann Simonson checks in with a 3rd Quarter Summary of the local real estate market…
Merri Ann Simonson – Contributed photo
In reviewing the year-to-date activity for 2015, the real estate market volume on San Juan Island reflects an increase of 7.5% for the period of January through September as compared to the same period in 2014. This gain is less than the percentage we enjoyed during the same period of 2013 over 2014 when the increase in volume was 33%. As for the number of transactions, we are down 6% as compared to the same period in 2014. This decrease is
attributed to the higher number of high-end sales that have occurred this year; fewer transaction numbers but higher sale prices contributing to the volume.
Our median prices peaked in 2007, hit the bottom in 2013 and we have been in a gradual recovery ever since.
A gradual recovery is a description which can be frustrating for some of the property owners in our market. We have yet to enjoy appreciation or enough inventory absorption to add upward pressure on our prices. Although our closing volume is an increase over last year, we are replacing the sold properties in some categories just as fast with new listings and maintaining a steady inventory level.
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