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
Unit Sales 84 76 11%
Average Sell Price $465,892 $393,493 18%
Sell/List Ratio 77% 57%  
Active Listings 167 315 -49%

YEAR TO DATE

Condo (Apartment) March 2017 March 2016 Percent Change
Unit Sales 68 44 55%
Average Sell Price $240,788 $168,832 43%
Sell/List Ratio 86% 69%  
Active Listings 87 127 -31%
Condo(Patio Homes) March 2017 March 2016 Percent Change
Unit Sales 19 19 0%
Average Sell Price $344,605 $292,438 18%
Sell/List Ratio 79% 68%  
Active Listings 8 23 -65%
Condo (Town Homes) March 2017 March 2016 Percent Change
Unit Sales 25 46 -46%
Average Sell Price $242,732 $266,146 -9%
Sell/List Ratio 78% 84%  
Active Listings 22 57 -61%

A Single Family Home Analysis for the past 12 months looks like this:

Price Range Sell/List Ratio for 12 Months
$100,000—$199,999  
1 Listing | 18 Sales 82%
$200,000—$299,999  
10 Listings | 142 Sales 83%
$300,000—$399,999  
40 Listings | 366 Sales 86%
$400,000—$499,999  
60 Listings | 347 Sales 79%
$500,000—$599,999  
38 Listings | 171 Sales 71%
$600,000—$750,000  
37 Listings | 98 Sales 60%
$750,000—$999,999  
25 Listings | 47 Sales 48%
$1,000,000—$3,999,999  
29 Listings | 25 Sales 35%

2017 Single Family Dwelling Analysis:

Price Range Current Listings Since Jan 1st
$100,000—$199,999 2 6
$200,000—$299,999 10 15
$300,000—$399,999 40 33
$400,000—$499,999 60 73
$500,000—$599,999 38 27
$600,000—$750,000 37 37
$750,000—$999,999 25 5
$1,000,000— $2,900,000 29 7

What Sellers Need To Know:

Average Price
MLS takes all the sales for a time period (usually a month or year) adds their dollar amount and divides by the number of sales.

** The month of March average is         $465,892
The 12 month/year average is                $426,337

Since January 1                                         $460,680

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 of March is                         $459,900
The 12 month/year average is            $409,000
Since January 1                                      $459,900

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 of March is  77%
The 12 month/year average is 92%
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 of March is 99%
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