public
Views 31

RoB e Newsletter Year End 2023

published by Timothy Rhodes

Want to create a visual like this?

Get Started

Data deemed reliable but not guaranteed.
© 2018 TIMOTHY RHODES REALTOR®

2005

2005

2005

2005

All data © 2018 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. StatsCentre © 2018 ShowingTime.

Created with Highcharts 11.4.8562393535No. of SalesInventoryJul 2018Aug 2018Sep 201802040

Bowen IslandMedian Sales Price YOY

Bowen IslandPercentage of Inventory Sold

Created with Highcharts 11.4.8$982,500$966,000$999,000Median PriceJul 2018Aug 2018Sep 201805000001000000

11.4%

14.6%

5.4%

9

Detached homes unless otherwise noted

2023 REPORT

STATS

rhodesonbowen.com

ON BOWEN

RHODES ON BOWEN

Tim Rhodes

604-341-9488

tim@rhodesonbowen.com

REALTOR®

Created with Highcharts 11.4.8Number of Sales - November vs​December403035783320232022202120202019NovemberDecember010
Created with Highcharts 11.4.8X $1,000Average vs Median Sales Price - YoY$1,575$1,440$1,610$1,425$1,707$1,349$1,365$1,211$1,015$95020232022202120202019AverageMedian01,0002,000
Created with Highcharts 11.4.8New Listings - November vs December5210042853220232022202120202019NovemberDecember051015
Created with Highcharts 11.4.8Sales vs Days on Market vs New Listings - YoY37601056331125704289816012245848820232022202120202019SalesDays on MarketNew Listings050100150

Data deemed reliable but not guaranteed.
© 2024 Rhodes on Bowen®

All data © 2024 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.     StatsCentre © 2024 ShowingTime.

Created with Highcharts 11.4.812 Months ending 31 December – Data shown QuarterlyMLS® HPI vs Average Sale vs Median Sale - YoYMLS® HPIAverage SaleMedian SaleMar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-231,000,0001,500,0002,000,0002,500,000

STATS ON BOWEN

2023 REPORT

rhodesonbowen.com      604-341-9488

tim@rhodesonbowen.com

Created with Highcharts 11.4.8Data shown for last Month in QuarterMLS® HPI vs Average Sale vs Median Sale - MoMMLS® HPIAverage SaleMedian SaleMar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-231,000,0001,500,0002,000,0002,500,000

-9.6%

Per Cent

Change from Dec'22

Created with Highcharts 11.4.8Days on Market vs Total Inventory - YoY48312420492479322023202220212020Days on MarketTotal Inventory050100

Data deemed reliable but not guaranteed.
© 2024 Rhodes on Bowen®

All data © 2024 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.     StatsCentre © 2024 ShowingTime.

-9.1%

-2.1%

Per Cent

Change from Dec'22

+1.1%

Data deemed reliable but not guaranteed.
© 2024 Rhodes on Bowen®

All data © 2024 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.     StatsCentre © 2024 ShowingTime.

STATS ON BOWEN

2023 REPORT

rhodesonbowen.com      604-341-9488

tim@rhodesonbowen.com

Created with Highcharts 11.4.812 Months ending 31 December – Data shown QuarterlyInventory vs New Listings vs Days on MarketInventoryNew ListingsDays on MarketMar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23050100150
Created with Highcharts 11.4.8Data shown for Last Month in QuarterInventory vs New Listings vs Days on MarketInventoryNew ListingsDays on MarketMar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23050100150

STATS ON BOWEN

rhodesonbowen.com      604-341-9488

tim@rhodesonbowen.com

Created with Highcharts 11.4.8X $1,000Dollar Volume Sales - YoY$58,282$101,398$119,476$110,566$45,15920232022202120202019$$$050,000100,000150,000

* YoY represents the preceding 12 months of activity. For example, YoY for December 2022 includes 01 January through 31 December 2022.

Created with Highcharts 11.4.8X $1,000Monthly Dollar Volume of Sales - November vs December$5,6050$4,0400$6,047$8,597$11,689$8,548$2,365$3,07020232022202120202019NovemberDecember05,00010,00015,000
Created with Highcharts 11.4.8X $1,000Monthly Average Sold Price - November vs December$1,4010$1,3470$2,016$1,719$1,670$1,069$925$1,02320232022202120202019NovemberDecember01,0002,000

Data deemed reliable but not guaranteed.
© 2024 Rhodes on Bowen®

All data © 2024 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.     StatsCentre © 2024 ShowingTime.

2023 REPORT

Created with Highcharts 11.4.802550Bowen IslandLions BayMaple RidgeLangleySurreyNorth DeltaPitt MeadowsWest​VancouverWhite RockAnmoreLangley CityCoquitlamPort CoquitlamPort MoodyNorth​VancouverNew​WestminsterBurnabyVancouverRichmond

YoY benchmark price down 9.1 per cent from 2022

STATS ON BOWEN

rhodesonbowen.com      604-341-9488

tim@rhodesonbowen.com

Metro Vancouver Municipalities

Percentage Change in MLS® Home Price Index

2021-2022

2022-2023

Ranks 1st

Ranks 1st

2020-2021

Ranks 1st

Ranks 1st

2019-2020

-9.1%

-8.9%

-8.0%

-7.3%

-7.0%

-6.9%

-6.0%

-4.8%

-3.7%

-3.6%

-3.3%

-2.8%

-2.7%

-2.3%

-1.9%

-1.3%

-0.7%

0.7%

0.8%

                SALE PRICE  vs LIST PRICE

 • Low   $795,000   $895,000

 • High $3,625,000  $3,890,000

      • Average Sale: $1,575,195

      • Median Sale: $1,440,000

• MLS® HPI: $1,402,042

2023 DETACHED HOMES

At the end of 2020, Bowen Island ranked first in YoY* percentage change in the MLS® Home Price Index (MLS® HPI) or Benchmark price for detached home, up 8.9 per cent over 2019. At the end of 2023, Bowen ranked last, down 9.1 per cent YoY from December 2022.


The Average Sold Price YoY at the end of 2022 was down 5.7 per cent from 2021 and by the end of June 2023 was down a further 9.7 per cent to -14.7 per cent; however, the Average Sold Price YoY rallied during the last six months of 2023, gaining 8.3 per cent to end the year down 2.1 per cent compared to 2022.


The statistics underscore the lacklustre market with the Number of Sales in 2023 (37) down 41.3 per cent from 2022, while the Average Listing to Contract Days on Market YoY was up 93.5 per cent from 2022. The total Dollar Volume of Closed Sales for 2023 ($58,282,000) was down 74.0 per cent from 2022.

Market correction from the COVID era influence (approximately June 2020 to April 2022) began mid-2022 and continued through 2023.


The good news from the last year is that even after market corrections to date, the value of detached homes is significantly higher than YoY pre-COVID values recorded at the end of May 2010. The MLS® HPI or Benchmark Price is up 51.5 per cent and the Average Sold Price is up 61.0 per cent.


Moving into 2024, buyers continue to wait for deals, anticipating further downward pressure on prices or distress sales, or for the anticipated easing of interest rates, and sellers remain reluctant to let go of the idea of 2021 pricing.


Activity may pick up if interest rates continue to hold as they did in January and if predictions of lower rates in Q2 and beyond materialize. There has likely been some build-up in demand in the sellers’ market as owners interested in selling have been holding back to see where prices settle, and buyers come back to the market.


Pundits are predicting renewed activity in the Spring with growth in new listings, sales, and sale prices through 2024, and forecasting 2-3 per cent growth in prices and 4-8 per cent growth in sales.

Data deemed reliable but not guaranteed.
© 2024 Rhodes on Bowen®

All data © 2024 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.     StatsCentre © 2024 ShowingTime.

2023 REPORT

* YoY - Year-over-year or 12 months of activity

Created with Highcharts 11.4.8$$$For 12 Months ending 31 DecemberHigh, Low, & Average Completed Sale Price$450,000​$450,000$515,000​$515,000$515,000​$515,000$675,000​$675,000$490,000​$490,000$795,000​$795,000$3,580,000​$3,580,000$1,499,500​$1,499,500$6,150,000​$6,150,000$13,600,000​$13,600,000$3,030,000​$3,030,000$3,625,000​$3,625,000$1,144,291​$1,144,291$1,014,626​$1,014,626$1,365,006​$1,365,006$1,706,805​$1,706,805$1,609,497​$1,609,497$1,575,195​$1,575,195$989,567​$989,567$939,958​$939,958$1,023,350​$1,023,350$1,346,833​$1,346,833$1,542,833​$1,542,833$1,403,042​$1,403,042LowHighAverageMLS® HPI02,000,0004,000,0006,000,0008,000,00010,000,00012,000,00014,000,00014,000,0…2,0182,0192,0202,0212,0222,023

STATS ON BOWEN

rhodesonbowen.com      604-341-9488

tim@rhodesonbowen.com

2023 REPORT

Data deemed reliable but not guaranteed.
© 2024 Rhodes on Bowen®

All data © 2024 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.     StatsCentre © 2024 ShowingTime.

     Bowen Island is a micro-market where a single sale can have a significant and misleading impact on the statistics month over month and month to month. For this reason, I use year-over-year (YOY) and year-to-date (YTD) data as a more reliable indicator of trends. YoY statistics are typically based on less than 100 transactions, and readers should be aware of the small sampling.

     YoY represents the preceding 12 months of activity. For example, YoY for May 2019 includes 01 Jun 2018 through 31 May 2019. YtD is calculated from 01 January to the last day of the month for the report.

     Statistics are for detached homes only as, with few exceptions, this is the market for Bowen. I conduct a search for all data except MLS®Home Price Index (MLS®HPI) and Total Inventory, for which I use the Real Estate Board of Greater Vancouver Stats Centre using the ‘Detached (All)’ property type.

     I also use the Stats Centre data for municipalities other than Bowen Island. The search is for Detached (All) can include both detached homes and vacant land, so in the case of MLS®HPI and Total Inventory the data can be slightly skewed.

     If you access the REBGV Stats Centre to fact check the data I have used, please use the ‘Rolling 12 months’ search and be aware that “differences [with personal data pulls] can often be attributed to variations in search criteria, our data-scrubbing methods, or different data pull dates or times.” There is also the potential for errors due to the system’s” special data-scrubbing elimination algorithm to "purify" data. For example, if an agent accidentally entered a sales price of $77,777,777, we assume that the agent had a busy day with lots of showings and fell asleep on the keyboard. Similarly, an entry of 1,800,000 total finished square feet seems a little high, so it gets scrubbed out.”


TERMINOLOGY


MLS HPI Price

   The MLS® HPI is based on the value home buyers assign to various housing attributes, which tend to evolve gradually over time. It therefore provides an “apples to apples” comparison of home prices across the entire country.

Each month, the MLS® HPI uses more than 15 years of MLS® System data and sophisticated statistical models to define a “typical” home based on the features of homes that have been bought and sold. These benchmark homes are tracked across Canadian neighbourhoods and different types of houses.


Sales Price

     Calculations are based on MLS sold data. Median represents the point at which half of the homes that sold in a given month were priced higher and half were priced lower. Average price is the total dollar volume divided by the total number of sales in a given month

1  https://statscentre.rebgv.org/InfoSparks/Manual

Sales Price

     Calculations are based on MLS sold data. Median represents the point at which half of the homes that sold in a given month were priced higher and half were priced lower. Average price is the total dollar volume divided by the total number of sales in a given month


Percent of Original Price

     Percentage found when dividing a listing's sales price by its original list price, then taking the average for all sold listings in a given month. Calculations are based on MLS sold data.

Days on Market


     Median or average number of days between when a property is listed and when an offer is accepted in a given month. Calculations are based on MLS sold data.


Price Per Square Foot

     Calculations are based on MLS sold data. Calculated by taking an average or a median of closed sales price divided by square footage for each individual listing in the current period. Calculations are based on sold data.


Total Inventory

     The number of properties available for sale in active status at the end of a given month. Calculations are based on MLS listing data. For this metric, the "12 months" calculation is the average of the most recent 12 months of data.


New Listings

     A count of the properties that have been newly listed on the market in a given month. Calculations are based on MLS listing data.


Sales

     A count of the actual sales that closed in a given month. Calculations are based on MLS sold data.


Dollar Volume

     The total dollar amount of all sales for the selected criteria.


Sales/Actives Ratio

     The number of home sales divided by total active inventory for the specified period. Calculations are based on MLS sold data.

VACANT LOT/LAND SALES (WITH ACCESS)

  • Access – Is there a driveway? Will there be room for guest parking?

  • Terrain – How difficult/expensive is the lot to build on? Is there blasting or significant fill required?

  • Potable and waste water – Is the lot accessible to water and/or sewer? How reliable is the water supply? Is a well and/or septic system required?

  • View – Is the property waterfront, water view, mountain view? Can the view be secured from tree growth on neighbouring properties?

  • Exposure – Is the property sunny most of the day? Is it windy most of the day? Does it lend itself to gardening

  • Convenience – Is it close to the ferry? To the village? To the school? On a bus/school bus route? Is it walkable to these amenities?

ANY OF THESE factors contribute to the wide range of valuations for vacant land. If you are looking for vacant land, I can help you determine the current market rate for the attributes which are important to you.

Vacant Land Sales prices vary dramatically because of many factors besides market conditions.

Created with Highcharts 11.4.8YoY Number of Sales78282023202220210102030

STATS ON BOWEN

rhodesonbowen.com      604-341-9488

tim@rhodesonbowen.com

Created with Highcharts 11.4.8YoY Dollar Volume of Sales$5,750,000$5,664,800$19,039,50020232022202105,000,00010,000,00015,000,00020,000,000

Data deemed reliable but not guaranteed.
© 2024 Rhodes on Bowen®

All data © 2024 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.     StatsCentre © 2024 ShowingTime.

2023 REPORT

Created with Highcharts 11.4.8YoY Days on Market140131172202320222021050100150200

2023 Water Access Only Sold- 2

2023 Largest Property Sold - 47.0 Ac

2023 Highest Sold Price per Sq. Ft. - $54.66