The February 2020 YoY (year-over-year) MLS® HPI (home price index) or benchmark price was down for all municipalities except Belcarra (+2.6 per cent). Of those recording a loss in the benchmark price Surrey, North Delta, and Bowen Island fared the best with a change YoY of -2.6, -3.5, and -3.8 per cent respectively. West Vancouver, Richmond, and Vancouver recorded the largest drop at -10.2, -9.9, and -9.3 per cent respectively.
In eleven communities, the 2020 YoY MLS® HPI is up compared to 2017. Bowen Island leads the pack recording a +23.7 per cent increase followed closely by Langley City at +20.0 per cent. This said, a 6-month YoY comparison of the benchmark price, average sale price, and median sale price has dropped -1.8, -3.62, and -1.05 per cent respectively. Although the market on Bowen showed increased activity in February compared to recent months, the recovery is slow and may be slowed further by the impact of COVID-19.
Seven municipalities, including Bowen Island, had an MLS® HPI for detached homes at under $1 million. Bowen ranked sixth highest in this group at $957,925.
Year-to-date, Bowen Island’s highest recorded sale was $1,333,000 and the lowest was $625,000 with a median sale price of $913,750 and an average of $621,583. The market for homes above $1.5 million remains flat which has put downward pressure on the MLS® HPI.
For those preparing to sell, self-isolation would seem a perfect time to get your home in pristine condition for listing.
@29 February 2020
MLS®HPI: $957,925
Median Price: $960,000
•Average Price: $998,449
MLS®HPI: $957,925
Median Price: $960,000
•Average Price: $998,449
@31 January 2020
MLS®HPI: $964,883
Median Price: $940,000
Average Price: $1,003,107
MLS®HPI: $964,883
Median Price: $940,000
Average Price: $1,003,107
Lots
Prices for individual lots vary from $155.90 to $5.63 per square foot depending on size, location, terrain, access, and services. Vacant land or lot sales remained slowt with 22 lots for sale at the end of January.
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