Current Market Conditions for 2017
Lets look at the past two years compared to today:
March average sale price in 2015 $348,897, in 2016 $393,493 and today $465,892.
The twelve month average sale price 2015 $357,917, in 2016 $370,448 and today $426,337.
Since January 2015 $344,872, 2016 $384,041 and today $460,680.
Median sale prices 2015 $333,000, 2016 $379,900 and today $459,900.
The ratio of sales compared to listings taken in 2015 36%, 2016 57% and today 77%.
If you look at the twelve month average it’s even more dramatic, 2015 61%, 2016 74% and now 92%. All of this because of lack of inventory, demand is only 6% higher than last year but inventory is DOWN 47%.
Probably won’t make you feel better but NAR (National Association of Realtors, U.S.) is reporting their lowest inventory level ever.
These statistics are provided from the Vancouver Island Real Estate Board
|SINGLE FAMILY HOMES||March 2017||March 2016||Percent Change|
|Average Sell Price||$465,892||$393,493||18%|
YEAR TO DATE
|Condo (Apartment)||March 2017||March 2016||Percent Change|
|Average Sell Price||$240,788||$168,832||43%|
|Condo(Patio Homes)||March 2017||March 2016||Percent Change|
|Average Sell Price||$344,605||$292,438||18%|
|Condo (Town Homes)||March 2017||March 2016||Percent Change|
|Average Sell Price||$242,732||$266,146||-9%|
A Single Family Home Analysis for the past 12 months looks like this:
2017 Single Family Dwelling Analysis:
What Sellers Need To Know:
** The month of March average is $465,892
Since January 1 $460,680
The month of March is $459,900
Sell to List Ratio
The month of March is 77%
Seller to List Price Ratio
** The month of March is 99%
** 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!