YtD number of sales up. Average sold price flat.
The MLS® Home Price Index or benchmark price was down -0.6 per cent over the last twelve months (LTM) for Bowen Island, the weakest performance compared to Metro Vancouver municipalities. All other municipalities showed increases ranging from +1.9 per cent for Anmore to +6.7 per cent for Burnaby.
Once among the strongest performers during COVID, Bowen has experienced price corrections over the last two years with the LTM average sold price for October 2023 down -16.3 per cent from the April 2022 record high and the LTM benchmark price down -9.3 per cent from the September 2022 high. Prices were more stable over the last 12 months, as reflected in only modest changes in average sold price and benchmark price at +1.0 and -0.6 per cent respectively.
In contrast to the flat performance of average and median sold price and the benchmark price, both the number and dollar volume of sales increased. Number of sales was up +37.1 per cent LTM and +26.5 per cent year to date (YtD) and the dollar volume of closed sales was up +37.8 per cent LTM and +24.5 per cent YtD.
Once among the strongest performers during COVID, Bowen has experienced price corrections over the last two years with the LTM average sold price for October 2023 down -16.3 per cent from the April 2022 record high and the LTM benchmark price down -9.3 per cent from the September 2022 high. Prices were more stable over the last 12 months, as reflected in only modest changes in average sold price and benchmark price at +1.0 and -0.6 per cent respectively.
In contrast to the flat performance of average and median sold price and the benchmark price, both the number and dollar volume of sales increased. Number of sales was up +37.1 per cent LTM and +26.5 per cent year to date (YtD) and the dollar volume of closed sales was up +37.8 per cent LTM and +24.5 per cent YtD.
Despite the encouraging growth in the number of sales, the number of new listings also increased 27.8 per cent over the same period, keeping inventory at very high levels. As Sellers and REALTORS® work to reduce the stubbornly high inventory, 35 of the 54 current listings (64.8 per cent) have been price reduced an average of $170,000* per listing from the original list.
Even with this rightsizing, only 12 of the active listings are at or below the Bowen Island average sold price LTM while 14 are listed over $2.0 million and 7 of these are listed over $3.0 million.
The reduction in the Bank of Canada rate in October and speculation of another cut in December will help encourage buyers and with new listings LTM the highest in over a decade, the current buyers’ market on Bowen Island likely will continue over the winter.
1 Average excludes outlier price reduction of $1,500,000 for one current listing.
OCTOBER 2024 DETACHED HOMES
SALE PRICE vs LIST PRICE
Low $1,114,500 $1,160,000
High $1,745,000 $1,749,000
Average Sale $1,363,166
Median Sale $1,230,000
STATS ON BOWEN
is published monthly once all data for the previous month has been reported.
If you would like early access to the report during the first week of the month,
you can SUBSCRIBE HERE free of charge.
WE DO NOT SPAM.
You will only receive email related to the STATS ON BOWEN monthly reports and the occasional update.