Current Market Conditions for 2017

A definite hiccup in sales this month, because of lack of inventory or election jitters, maybe both! Still very busy but this is the first month that has not exceeded last year’s monthly sales.

These statistics are provided from the Vancouver Island Real Estate Board

SINGLE FAMILY HOME

April 2017

April 2016

Percent Change

Unit Sales

77

122

-37%

Average Sell Price

$465,142

$403,642

15%

Sell/List Ratio

73%

76%

Active Listings

187

329

-43%

YEAR TO DATE

Condo (Apartment) April 2017 April 2016 Percent Change
Unit Sales 97 60 62%
Average Sell Price $245,685 $183,105 12%
Sell/List Ratio 87% 67%
Active Listings 83 127 -35%

 

Condo(Patio Homes) April 2017 April 2016 Percent Change
Unit Sales 24 34 -29%
Average Sell Price $344,754 $296,907 16%
Sell/List Ratio 77% 89%
Active Listings 9 18 -50%

 

Condo (Town Homes) April 2017 April 2016 Percent Change
Unit Sales 40 63 -35%
Average Sell Price $273,678 $265,814 3%
Sell/List Ratio 78% 88%
Active Listings 25 55 -55%

A Single Family Home Analysis for the past 12 months looks like this:

Price Range Sell/List Ratio for 12 Months
$100,000—$199,999  
2 Listing | 18 Sales 82%
$200,000—$299,999  
10 Listings | 130 Sales 83%
$300,000—$399,999  
33 Listings | 333 Sales 86%
$400,000—$499,999  
60 Listings | 343 Sales 80%
$500,000—$599,999  
44 Listings | 164 Sales 69%
$600,000—$750,000  
44 Listings | 100 Sales 58%
$750,000—$999,999  
35 Listings | 50 Sales 47%
$1,000,000—$3,999,999  
34 Listings | 26 Sales 34%

2017 Single Family Dwelling Analysis:

Price Range Current Listings – April 2017 Since Jan 1st, 2017
$100,000—$199,999 2 6
$200,000—$299,999 10 19
$300,000—$399,999 33 56
$400,000—$499,999 60 105
$500,000—$599,999 44 52
$600,000—$750,000 44 29
$750,000—$999,999 35 10
$1,000,000— $2,900,000 34 8

Average Price What Sellers Need To Know:

MLS takes all the sales for a time period (usually a month or year) adds their dollar amount and divides by the number of sales.

** The month average is                          $465,142
The 12 month/year average is                $432,170

Since January 1                                         $462,023

Median Price
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                                             $447,500
The 12 month/year average is            $415,250
Since January 1                                       $450,000

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             73%
The 12 month/year average is             93%
Since January 1               71%

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 further.

Contact any of our agents at any time to discuss the Market Conditions and what is happening in the Valley!

Yours Truly,

Gregg Hart

Owner/Managing Broker