Current Market Conditions for 2017
Well half the year is gone, prices keep moving up!
In 2015 the Average Price for the previous 12 month period was $355,833
In 2016 the Average Price for the previous 12 month period was $387,712 (a 9% Jump!!)
So far this year the Average Price is $458,393 – another 18% INCREASE!
An explanation for this radical change: in previous years the buyers were concentrated in the $300,000 to $400,000 price range and if you included the $250,000 to $299,999 range it represented 50-60% of the purchasers!
Now the purchases are spread out… because the majority of purchasers (almost 1/3rd) are from Vancouver/Lower Mainland they are shopping $300,000 and UP!
10% are buying $200,000 – $300,000
26% are buying $300,001 – $400,000
30% are buying $400,001 – $500,000
15% are buying $500,001 – $600,000
9% are buying $600,001 to $750,000
Inventory is not helping it is still waning around 200 listings, in all the years we’ve kept records it has never stayed that low!
These statistics are provided from the Vancouver Island Real Estate Board
2017 Single Family Dwelling Analysis:
Price Range Sell/List Ratio
2 Listing | 15 Sales 79%
10 Listings | 98 Sales 83%
33 Listings | 258 Sales 84%
62 Listings | 333 Sales 79%
49 Listings | 175 Sales 71%
61 Listings | 127 Sales 61%
36 Listings | 59 Sales 49%
41 Listings | 24 Sales 30%
MLS takes all the sales for a time period 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
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!