February 2019 was a reflection of previous months. Year-to-date (YTD) and year-over-year (YOY) number of sales and dollar volume was down dramatically compared to the 12 months ending February 28, 2018. Buyers continued to show little interest in purchasing and sellers continued to add to inventory. At the same time, the YOY MLS®Home Price Index continued to grow: up 7.5 per cent in February.
The sold price in February averaged 95 per cent of list price, within the norm for Bowen, an indication that there has been no significant downward pressure on prices.
The numbers: YOY total number of sales down -15.4 per cent, total dollar volume down -17.5 per cent, median price down -7.7 per cent, and average price down -2.8 per cent.
Homes are currently averaging about 4 months on MLS® prior to selling. Three home sales completed in February.
A look at the REBGV (Real Estate Board of Greater Vancouver) YOY percentage change in MLS®HPI for detached homes showed a range with a low of -9.5 per cent (West Vancouver) and a high of +9.4 per cent (Langley City). Bowen Island was second highest at 7.5 per cent.
Thirteen of twenty Metro Vancouver municipalities had positive growth while seven (West Vancouver, Vancouver, White Rock, Richmond, North Vancouver, Burnaby, and New Westminster) saw the YOY Home Price Index reduced.
Bowen placed in the top 20 per cent of municipalities with the most stable prices and the top 30 per cent of municipalities with the lowest Home Price Index.
For buyers, there is more choice but no real softening of prices. For sellers, patience continues to be a virtue.
The industry is anticipating that Spring weather will inspire more interest from buyers; however, to date, both buyers and sellers seem content to wait and see. Who blinks first will set the tone for the coming year.
Bowen Island Year Over Year at 28 February 2019
MLS®HPI: $995,375 up from $925,500
Median Sales Price: $900,000 down from $975,000
Average Sales Price: $1,098,859 down from $1,135,310
Timothy Rhodes, REALTOR® Angell Hasman & Associates, Realty, Ltd. For more information: rhodesonbowen.com/blog-main. Data represents the MLS® detached home data only as at 28 February 2019. Data source © 2019 BC Northern Real Estate Board, Chilliwack and District Real Estate Board, Fraser Valley Real Estate Board, and Real Estate Board of Greater Vancouver. All rights reserved. Data deemed reliable but not guaranteed.