Total Dollar Volume for the 12 months ending 28 February 2019 was down -17.5 per cent compared to the same period in 2018. Sold price averaged 94 percent of List price. Total Number of Sales was down -15.4 per cent, Median Price was down -7.7 per cent, and Average Price was down -2.8 percent. Twenty-eight of the 55 properties sold on Bowen Island in the last 12 months closed at $900,000 or less and the Average Days on Market increased by 24 per cent.
Bowen numbers indicate a more stable market than the Real Estate Board of Greater Vancouver (REBGV) where Dollar Volume was down -39.4 per cent and Number of Sales was down -36.6 per cent (both more than double the per cent change on Bowen, and Average Price was down -4.4 per cent; however, the Median Price percentage change, down -2.5 per cent, was only 1/3 of that of the change on Bowen.
Bowen also saw an increase in the month-over-month and year-over-year MLS®Home Price Index of 1.6 and 7.5 per cent respectively, while the REBGV was down -9.7 per cent month-over-month and -2.7 per cent year-over-year. (All statistics quoted are for single detached homes.)
With the number of listings increasing and sales remaining stagnant, the market has become more favourable to buyers, who have greater selection and the potential to find sellers more motivated than in a more active market. This said, the sale price to list price ratio of 94 per cent in February is similar to the Bowen 5-year average of 96 per cent.
Both buyers and sellers seem content to wait—perhaps until Spring—to see who blinks first, which will set the tone for the coming year.
Bowen Island YOY at 28 February 2019:
• MLS®HPI: $995,375
• Median Sales Price: $ 900,000
• Average Sales Price: $1,098,859
STATS ON BOWEN is a detailed analysis published monthly once all data for the month has been reported.
For example, the January report would be published during the last week of February.
If you would like early access to the report during the first week of the month,
you can SUBSCRIBE HERE free of charge.