2024 market may be more active
At the end of February 2024, Bowen Island’s YoY* change in the MLS® Home Price Index or Benchmark Price was -8.0 per cent lower than in February 2023 – the highest YoY loss compared to other Metro Vancouver municipalities and a reflection the YoY Dollar Volume of Sales ($62,028,000) down -30 per cent from 2023 and half of the volume in 2022.
The good news for those planning on selling is that the Average Sale Price was up 2.1 per cent YoY, yearto- date (YtD) Dollar Volume of Sales was $6,990,500 compared to $4,534,900 for 2023, and the number of days on market was down, an early indicator that the market may be more active this year.
The highest sold price YtD was $1,849,000 for a 3-bedroom, 3- bathroom home in Bowen Bay and the lowest sold price was $887,500 for a 3-bedroom, 2-bathroom home in Scarborough/Eagle Cliff.
The market shows signs of having moved through the adjustments coming off the COVID 'boom' and the increase in interest rates, and over the past year has stabilized.
Land sales remain slow, with no sales registered in January or February; however, these two months are historically quiet.
With interest rates anticipated to edge down slightly over the year, both sellers and buyers seem to be more willing to enter the market.
* YoY - Year-over-year or 12 months of activity
February 2024 Detached Homes
SALE PRICE VS LIST PRICE
Low $887,500 $889,900
High $1,849,000 $1,849,000
Average Sale: $1,398,100
Median Sale: $1,284,000
MLS® HPI: $1,344,800
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