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
$100,000—$199,999
2 Listing | 15 Sales              79%


$200,000—$299,999
10 Listings | 98 Sales          83%


$300,000—$399,999
33 Listings | 258 Sales        84%


$400,000—$499,999
62 Listings | 333 Sales        79%


$500,000—$599,999
49 Listings | 175 Sales        71%


$600,000—$750,000
61 Listings | 127 Sales        61%


$750,000—$999,999
36 Listings | 59 Sales          49%


$1,000,000—$3,999,999
41 Listings | 24 Sales          30%

Average Price 

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

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