Harbour Island Market Health Report – February 2025

The Harbour Island real estate market remains active with a strong demand for properties in a variety of price ranges. If you’re considering selling your home, here’s what you need to know about how the current market conditions will impact your home’s value and the time it may take to sell.

Market Overview

• Active Listings: 35 homes currently on the market
• Pending Sales: 11 properties under contract
• Sold Listings (6-months): 34 homes closed

Home Values & Pricing Trends

• Median Active List Price: $560,000
• Average Price Per Square Foot: $507.03
• Price Range: $330,000 – $3,900,000

The average price per square foot is higher for active listings ($507) compared to sold properties ($465), indicating that current sellers are pricing with some negotiation room.

How Long Does It Take to Sell?

• Median Days on Market (Active): 49 days
• Median Days to Contract (Sold): 29 days
• Median Days to Close (Sold): 71 days
• Total Time to Sell (Contract + Closing): Approximately 2-3 months

This suggests that homes priced competitively are moving in about 2 months, while those at higher price points or in less demand may take 3+ months to close.

How Much Are Homes Selling For?

• Median Sold Price: $569,000
• Average Sold Price: $669,873
• Sale-to-List Price Ratio: 97% (on average, homes are selling at 97% of asking price)

Sellers should expect some negotiation but can still secure strong offers close to their list price, especially in the $500K–$1M range.

What This Means for You

If You’re Selling:

• Homes are selling faster if priced correctly—overpricing may extend your time on the market.
• With a 97% sale-to-list ratio, competitive pricing can maximize your sale price.
• Staging and strategic marketing can help sell faster and closer to asking price.

If You’re Buying:

• Inventory is moderate but competitive, particularly in the mid-range condo market ($500K–$1M).
• While there is room for negotiation, homes are still selling at strong values, so be prepared to make solid offers.

Conclusion

The Harbour Island real estate market remains steady and slightly competitive. Well-priced homes are selling within 2-3 months at around 97% of their asking price. Now is a great time to list your home and take advantage of the strong buyer demand while inventory levels remain manageable.