STATS ON BOWEN - May June 2023

Average Sale Prices declined to mid-2021 levels

The Bank of Canada pushed its rate up to 4.75 per cent on June 12 and then to 5.00 per cent on July 7. The rising interest rates have had the greatest impact on properties listed at $2.0 million and up. On Bowen Island year-to-date at June 30, 2023, only 3 of the 21 homes sold (14 per cent) was listed over $2.0 million compared to 29 per cent in 2022 and 18 per cent in 2021.

Year-over-year indicators for Average and Median Sale Prices have declined to mid-2021 levels and the MLS® Home Price Index reflects April 2022 values. The YoY Average Sale on June 30, 2023 ($1,454,048) was 23 per cent below the high of $1,900,394 in April 2022 and down 17.5 per cent from June 30, 2022.

At the end of June there were 39 detached homes listed, almost 10 per cent above the average and median for the last 5 years and comparable to the June average of 37 over the past 5 years. The inventory of vacant land for sale sits at 42 lots at this writing, ranging from a $350,000 water access only lot at Hood Point to a $7,988,000 waterfront lot at the Cape. Year-over-year there have been 5 lots sold, well down from the 17 sold in 2022 and 18 in 2021.
 April 2023 saw a record $3,625,000 paid for an inland home. The June high sale was $1,865,000 and the low was $1,000,000. June total volume of sales reached $6,536,800, significantly below the previous volumes of June 2022 ($15,245,500) and June 2021 ($24,780,000). However, compared to pre-COVID numbers, the YoY Average Sale Price in June 2023 is up 28.6 per cent from June 2020.
Currently the market has high inventory and sluggish sales with only 25 detached homes were sold YtD. Sellers will benefit from patience while Buyers will benefit from the level of choice for homes or land.

Month of June Detached Homes
      Low  $859,000       $795,000
 High   $1,880,000    $1,865,000
         Average Sale:     $1,297,100
          Median Sale:    $1,215,900

         MLS®HPI:   $1,436,225
 Average Price:   $1,452,377
   Median Price:   $1,307,500

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