Current Market Conditions for 2017

 

We are starting to see a leveling off, inventory levels are climbing slightly and sales off nineteen percent compared to 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
$100,000—$199,999
0 Listing | 12 Sales              92%


$200,000—$299,999
4 Listings | 54 Sales          79%


$300,000—$399,999
30 Listings | 214 Sales        81%


$400,000—$499,999
67 Listings | 330 Sales        78%


$500,000—$599,999
42 Listings | 174 Sales        74%


$600,000—$750,000
54 Listings | 133 Sales        57%


$750,000—$999,999
37 Listings | 65 Sales          56%


$1,000,000—$3,999,999
37 Listings | 27 Sales          31%

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                          $513,009
  • The 12 month/year average is                $480,331
  • Since January 1                                         $489,029

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                                             $487,000
  • The 12 month/year average is               $459,900
  • Since January 1                                        $469,900

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                                           79%
  • The 12 month/year average is             79%
  • Since January 1                                       73%

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                                      97%
  • 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!

Yours Truly,

Gregg Hart

Owner/Managing Broker