Current Market Conditions for 2017
We are starting to see some changes, we highlighted sell/list ratios saying, as they go up so does the price – well we are now seeing them come down! Not significantly yet but we will watch next month too.
As I have said before, waterfront is like Cinderella and it looks like the glass slipper has fallen… every 6-8 years it has its run. I think that was last year as this months sales are down 86%, the past 12 months are down 46% with year to date being the same. Year to date sell/list ratio 48% compared to 87% last year.
Wondering what is happening in the Valley these days with respect to residential properties?
These statistics are provided from the Vancouver Island Real Estate Board
2017 Single Family Dwelling Analysis:
Price Range Sell/List Ratio
0 Listing | 12 Sales 92%
6 Listings | 67 Sales 81%
34 Listings | 227 Sales 81%
88 Listings | 329 Sales 74%
49 Listings | 167 Sales 70%
50 Listings | 133 Sales 64%
45 Listings | 58 Sales 45%
44 Listings | 23 Sales 27%
MLS takes all the sales for a time period adds their dollar amount and divides by the number of sales.
- ** The month average is $496,254
- The 12 month/year average is $471,699
- Since January 1 $486,271
This is the absolute middle price, in other words, there are the same number of sales this price as there are above price.
- The month is $469,900
- The 12 month/year average is $450,000
- Since January 1 $467,500
Sell to List Ratio
This shows the percentage of sales in comparison to the amount of listings there are. Typically there is a monthly percentage and a yearly one. The higher the percentage, the busier the market and a stable market would typically be around 55-65%. A seller’s market is over 65% and a buyer’s market is below 55%.
- The month is 70%
- The 12 month/year average is 80%
- Since January 1 72%
Seller to List Price Ratio
Is a percentage showing what the property sold for in comparison to its list price. It is shown monthly and for the year.
- ** The month is 98%
- The 12 month/year average is 98%
- Since January 1 98%
** For the monthly figure this can be misleading. If there are disproportionate amount of higher or lower sales, it skews the average in that direction. All of these statistics can be broken down by area: Courtenay City, Comox, Cumberland, Courtenay East etc.
The can be broken down by product: single family, condo apartment, condo townhouse, lots, acreage etc.
There is wide a variation of interpretation to these statistic and there are a number of other factors which influence them. At Royal LePage, we pride ourselves on keeping you as informed as we can on the market. We would be happy to meet with you to discuss any of these stats further.
Contact any of our agents at any time to discuss the Market Conditions and what is happening in the Valley!