STATS ON BOWEN - October 2020

MLS® HomePriceIndex 1 per cent below all-time high.
Average Sale Price 9 per cent above an all-time high.

The Bowen Island detached home market continued to outperform 2019 in all indicators. The dollar volume growth rate year-over-year (the past 12 months of activity) was up 109 per cent compared to 2019, number of sales was up 60 per cent, average sold price was up 30 per cent, average sold price per square foot was up 24 per cent, and the MLS®HPI was up 1 per cent.

After declining by almost $250,000 during the 11 months from June 2018 through May 2020, the YoY average sold price grew by over $350,000 in only 5 months and, at 31 October 2020, was 9 per cent higher than the previous all-time high in June 2018. During the same 5 month period, the median sold price increased by $230,000 and at 31 October was 11 per cent above its all-time high in June 2018. The MLS® HPI or benchmark price grew by $39,000 from June through October 2020, ending 1 per cent below its all-time high in March 2019.

During the same 5 months, the Real Estate Board of Greater Vancouver (REBGV) region saw the average home price
increase by $72,000 and was 5 per cent below its all-time high in January 2018. The dramatic difference in growth on
Bowen Island is attributable to the higher list price inventory coming to market while lower-priced inventory became relatively scarce. Thirty per cent of sales YoY at October were under $999,999 compared to 57 per cent for the same period in 2019. Twenty-three of sales were over $1.5 million compared to just 2 per cent in 2019.

Who’s buying? Anecdotally, empty-nesters with secure incomes/investments and those with secure jobs who are able to commute are being attracted to Bowen Island because it is an escape the crowding of urban areas during COVID but still within striking distance of Vancouver. With inventory down 14 per cent over September and mortgage rates projected to remain low and stable, there are opportunities for both sellers and buyers, although no certainty as to how long growth will continue.

MLS® Home PriceI Index: 1 per cent below all-time high
Average Sale Price: 9 per cent above an all-time high
• MLS®HPI: $986,333
Average Sale: $1,542,318
Median Sale: $1,484,000
Low:  $1,000,000 —   $ 999,900
High: $2,700,000 — $3,099,000
Average Sale: $1,542,318
Median Sale: $1,484,000
$6.65 to $31.17 per sq. ft.

STATS ON BOWEN is a detailed analysis of detached homes activity on Bowen Island.
Analysis is published monthly, mid– to late–month of the  month following,
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