2024 shows modest gains over 2023
While the Number of Sales was up +37.4 per cent and Dollar Volume of Sales was up $20 million, the MLS®HPI (Home Price Index) or benchmark price for Bowen Island, LTM, rose only 1.0 per cent while the Average and Median Price for single detached properties sold was down -2.9 and -6.9 per cent respectively over the same period indicating continued downward pressure of prices.
New Listings and Inventory was up LTM at +31.4 and +31.4 per cent respectively indicating that Sellers were eager to enter the market while Buyers were not as motivated to purchase.
The relatively high Inventory and Seller activity and a lower Bank of Canada rate would normally have the industry preparing for increased activity; however, Buyer response had been underwhelming as some waited for further reductions from the Bank of Canada and others held back because of uncertainty over the upcoming US election.
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.