STATS ON BOWEN August 2020

Unprecedented will likely end up being the most over-used word this year; however, it does apply to the market on Bowen since the COVID-19 ‘lock-down’ in March. Although it was a slow and tentative start with several sellers pulling back and others holding back, it was evident by the end of April that there was renewed demand for Bowen real estate and that sellers were responding. This is partly explained by pent-up demand as we moved out of 2019 – a very slow year – and what appeared to be interest in urban dwellers looking for larger properties to ‘stay-at-home’ and moving to more suburban, exurban, and rural communities.

Bowen Island saw increases, some dramatic, in all indicators year-over-year. Number of sales up 56 per cent, average days on market down 19 per cent, dollar volume of sales up 95 per cent, and average sale price up 20 per cent. These indicators combined with inventory down 23 per cent compared to August of 2019 created a sellers’ market.
March through August 2020 saw significant increases over 2019, with a 122 per cent increase in dollar volume of sales YoY compared to the same period in 2019. August 2020 sales were up 229 per cent compared to August 2019 – more than three times greater – and the average price per square foot in August increased 11 per cent compared to August 2019.

Sellers on Bowen have an opportunity now: the advantage of low inventory and buyers confident with their employment and income streams. Predictions vary from a slow-down in the late fall to continued stable growth through 2021, but there is no historical precedent on which to base the projections.

SALE PRICE LOW     $   850,000    LIST PRICE       $  885,000
SALE PRICE HIGH   $ 1,928,000    LIST PRICE       $1,365,000
AVERAGE SALE:      $ 1,458,672      MEDIAN SALE: $1,365,000
AVERAGE: 26       MEDIAN: 9

@31 Aug 2020
•         MLS®HPI: $963,925
• Median Price: $1,063,649
• Average Price: $1,246,349
@31 Aug 2020
LOT prices averaged $10.23 to $78.73 per sq. ft.

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