The market for detached properties on Bowen Island continues to be slow and flat, with Number of Sales up 5.1 per cent year-over-year YOY and down 8.5% year-to-date (YTD); Dollar Volume of Sales up 2.4 per cent YOY and down 9.3 per cent YTD; and Median Sales Price up 1.2 per cent YOY and up 0.7 per cent YTD.
There were 34 active listing on Bowen in November ranging from $739,000 to $3,900,000 and averaging 122 days on
the market, while the REBGV REALTOR® Report for November 2018 shows the average for Metro less than half at 55 days. The same report shows the YOY Benchmark (MLS®HPI) price for Bowen Island up 1.4 per cent with the price for Metro Vancouver down 6.5 per cent.
Only three Metro municipalities had a positive change in Benchmark price: Maple Ridge at 1.9, Bowen Island at 1.4, and Pitt Meadows at 1.0 per cent. The Benchmark price in these three municipalities ranged from $830,100 to $982,500.
The luxury home market experienced double digit negative change in the most expensive neighbourhoods: West Vancouver down 13 per cent and Vancouver West down 10.3 per cent with Benchmark prices at $3,205,500 and $2,738,300 respectively. The market for lower price detached properties demonstrates considerably more stability than that for luxury properties.
As Bowen moved into the winter months, the Number of Sales as a Percentage of Number of Listings decreased over the past 3 months from 7.5 per cent to 5.3 per cent. For the same 3- month period the Median Sales Price was up 10.9 per cent. YOY the Median and Benchmark sales price were up 1.2 per cent and 1.4 percent respectively, while the Sales Price averaged 95.2 per cent of the List Price compared to 98.2 per cent in 2017, indicating a trend towards a market with a slight advantage to buyers.
Bowen Island YOY at 30 November 2018:
• MLS®HPI: $987,733• Median Sales Price: $ 962,500
• Average Sales Price: $1,115,36 2
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