STATS ON BOWEN - Mar Apr 2024

Posted on Aug 27, 2024

High inventory should attract buyer interest



At the end of April 2024, Bowen Island’s year-over-year (YoY)* change in the MLS® Home Price Index or Benchmark Price was -6.5 per cent lower than in April 2023, the highest YoY loss for the same period when compared to other Metro Vancouver municipalities, and a reflection the YoY Dollar Volume of Sales ($67,544,800) down -10.9 per cent from 2023 and -47.0 per cent from 2022.

The good news for those planning on selling is that year-to-date (YtD) the volume of sales ($28,800,452) was up 37.9 per cent from 2023 and the Average Sale Price was up 9.5 per cent YoY, although the average number of days on market YoY was 46 days, double that at the end of February.


Sellers returning to the market have pushed the inventory to 50 homes and 24 lots for sale. The average number of days on market for homes is 65, with 10 homes listed for over 100 days. For lots the average is 148 days with 6 lots listed for over 200 days.

The highest sold price YtD for a detached home was $3,250,000 for a 3-bedroom, 2-bathroom home on a 10-acre lot and the lowest sold price was $887,500 for a 3-bedroom, 2-bathroom home in Scarborough.

Sale prices were 9.5% lower than list prices over March and April 2024 compared to 2.3% lower than list for the same period in 2023.

While the higher inventory/greater selection should serve to encourage more buyers, sellers can expect continued downward pressure on prices from buyers.
* YoY - Year-over-year or 12 months of activity

April 2024 Detached Homes
SALE PRICE VS LIST PRICE
SALE PRICE vs LIST PRICE
                                                                           Low    $940,000       $1,049,000
                                                                          High $3,250,000       $3,798,000
Average Sale: $1,707,250
Median Sale: $1,319,500
MLS® HPI: $1,377,100
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