Total Dollar Volume for the 12 months ending 28 February 2019 was down -17.5 per cent compared to the same period in 2018. Sold price averaged 94 percent of List price. Total Number of Sales was down -15.4 per cent, Median Price was down -7.7 per cent, and Average Price was down -2.8 percent. Twenty-eight of the 55 properties sold on Bowen Island in the last 12 months closed at $900,000 or less and the Average Days on Market increased by 24 per cent.
Bowen numbers indicate a more stable market than the Real Estate Board of Greater Vancouver (REBGV) where Dollar Volume was down -39.4 per cent and Number of Sales was down -36.6 per cent (both more than double the per cent change on Bowen, and Average Price was down -4.4 per cent; however, the Median Price percentage change, down -2.5 per cent, was only 1/3 of that of the change on Bowen.
With the number of listings increasing and sales remaining stagnant, the market has become more favourable to buyers, who have greater selection and the potential to find sellers more motivated than in a more active market. This said, the sale price to list price ratio of 94 per cent in February is similar to the Bowen 5-year average of 96 per cent.
Both buyers and sellers seem content to wait—perhaps until Spring—to see who blinks first, which will set the tone for the coming year.
STATS ON BOWEN is a detailed analysis published monthly once all data for the month has been reported.
For example, the January report would be published during the last week of February.
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Although every effort is taken to assure accuracy, Timothy Rhodes REALTOR® and Rhodes on Bowen assume no responsibility for the accuracy of third party information on this site. Financial and legal information should be confirmed with the apporpriate professional.