STATS ON BOWEN - February 2021

     This is largely attributable to low inventory. Historically, monthly inventory levels are at their lowest at the end of January and rebound in February; this year they have continued to decline, matching the 10 year low recorded in January 2018. Some homeowners, wanting to downsize, are waiting for smaller homes to be listed before they list their own. The under $1.5 million category, typically responsible for over 75 per cent of annual sales, has only 5 properties listed at this writing. Some, reluctant to list due to the perceived risks of COVID transmission have been waiting for the vaccination program.

     With the exception of low inventory, all but two YoY indicators were at or near record highs. MLS® Home Price Index, Median and Average Sold Price, Median Price per Square Foot, and Annual Dollar Volume of Sales set new record highs. Average Price per Square Foot and Annual Number of Sales were the exceptions.
     The economic outlook coming out of COVID will have an impact on real estate, especially if mortgage rates begin to creep up. On March 11, 2021, the Financial Post reported that Moody’s Senior Vice President David Beattie “does not anticipate a persistent move higher in long-term bond yields or mortgage rates. While rising yields indicate an improving economic outlook, the recovery is expected to remain “uneven and fragile,” he said in a note. ‘Will a 25-basis-point increase in the five-year rate dampen mortgage demand significantly? No,’ he told Reuters. ‘But a 100-basis-point increase would.’” https://financialpost.com/news/fp-street/higher-mortgage-rates-bring-cheer-to-canadian-banks-but-rapid-rise-could-end-housing-party
     The seller’s market continues. Like other more rural areas, Bowen remains attractive to buyers, record high prices do not seem to be a barrier and, with Bowen’s low inventory market, there is increased competition for desirable properties.