Inventory at its highest level since Nov 2014
At the end of June 2024, Bowen Island’s year-over-year (YoY)* MLS® Home Price Index or Benchmark Price ($1,414,483) was -2.0 per cent lower than June 2023; however, it was up 1.1 per cent from the low of $1,398,992 in April 2024. The YoY Dollar Volume of Sales ($71,824,800) was also up +7.4 per cent from 2023. Bowen was the only Metro Vancouver municipality where the benchmark price decreased YoY 2023-2024.
Year-to-date (YtD) at the end of June, there were 26 sales of detached homes compared to 19 sales in 2023, and the YtD volume of sales ($41,935,404) was up +47.7 per cent from the same period in 2023.
Year-to-date (YtD) at the end of June, there were 26 sales of detached homes compared to 19 sales in 2023, and the YtD volume of sales ($41,935,404) was up +47.7 per cent from the same period in 2023.
New listings were up +32.2 per cent YtD from 2023 and inventory on June 30, 2024, was 57 detached homes compared to 38 on June 30, 2024. Inventory is at the highest level since November 2014. The YtD average number of Days on Market until sold was 58 compared to 42 YtD in 2023.
Sales of vacant land were stagnant, with only 5 vacant lots sold to date in 2024.
The Average Sale Price ($1,632,384) was up 12.3 per cent YoY, although the Average Number of Days on Market was 68, more than double that at the end of June 2023.
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 $876,953 for a 2-bedroom, 2-bathroom home on a half-acre lot in Bluewater. YtD the sold price averaged -5.5% compared to the list price.
The number of properties sold YoY as of 30 June 2024 (44) was only 2 less than June 2023, Dollar Volume of Sales was up +7.4% YoY, the Average Sold price was up +12.3%, and the MLS® Home Price Index or benchmark price was down -2.0%. Although these indicators all suggest a market similar to or even somewhat improved year-over-year, inventory levels were up 50% compared to June 2023 and 26.7% compared to April 2024. It remains a buyers’ market.
Sales of vacant land were stagnant, with only 5 vacant lots sold to date in 2024.
The Average Sale Price ($1,632,384) was up 12.3 per cent YoY, although the Average Number of Days on Market was 68, more than double that at the end of June 2023.
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 $876,953 for a 2-bedroom, 2-bathroom home on a half-acre lot in Bluewater. YtD the sold price averaged -5.5% compared to the list price.
The number of properties sold YoY as of 30 June 2024 (44) was only 2 less than June 2023, Dollar Volume of Sales was up +7.4% YoY, the Average Sold price was up +12.3%, and the MLS® Home Price Index or benchmark price was down -2.0%. Although these indicators all suggest a market similar to or even somewhat improved year-over-year, inventory levels were up 50% compared to June 2023 and 26.7% compared to April 2024. It remains a buyers’ market.
* YoY - Year-over-year or 12 months of activity
April 2024 Detached Homes
SALE PRICE vs LIST PRICE
Low $1,010,000 $975,000
Low $1,010,000 $975,000
High $1,468,000 $1,575,000
Average Sale: $1,277,166
Median Sale: $1,353,500
MLS® HPI (YoY): $1,414,483
Average Sale: $1,277,166
Median Sale: $1,353,500
MLS® HPI (YoY): $1,414,483
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