Thread Rating:
2015 Bowen Island/Gulf Islands Sales Stats
|
08-13-2015, 09:20 AM,
(This post was last modified: 08-13-2015, 09:22 AM by JimmyWW.)
|
|||
|
|||
RE: 2015 Bowen Island/Gulf Islands Sales Stats
Regular readers of Skook's outstanding work will know that my wife is a professional statistician. When I showed her the latest set of data as prepared by our marsupial genius over breakfast this morning, she declared herself, "duly impressed" but then told me that (quote) "it's always dangerous to infer trend from such a small sample".
My information will to some extent back up what my wife says. In August, there have been two sales and two new listings, so the "official" number of listings has remained steady at 51. One of these sales was at 20% over assessment and in spite of buyer knowledge of some serious issues with the plumbing. There are still manifold examples of price-to-assessed ratios being out of Disneyland (or perhaps Vancouver); properties which have been on the market for years remain unsold, etc. As a Realtor on the island remarked to me in a private email last week, "sales have rocketed this year but we've not really seen an uptick in prices." What I observed in the Spring period was a lot of stock coming on which was fairly priced, and which shifted fast. Following this encouraging start to the year, a number of properties then came on which have been/are tenanted (do an MLS search on the island and you'll see what I mean) - yet more evidence of something I've spoken about before on this thread, the shadow inventory. Some of this now appears to be coming to market although it's not selling. My summary is that after the Feds dropped rates, prices in Vancouver town rocketed so some young families bit the ferry bullet and headed for the island. That mid-range stock ($500-$700) got snapped up quickly, and we are now back to status quo ante. From June to July 2015, inventory rocketed from 30 to 51 homes and has more or less stayed there the last two months. It will be interesting to see what effect, if any, the 4.5% devaluation of the Yuan has on the Greater Vancouver property market. Since it's always fund to make predictions, I am now going to say we're in for a flat market on the island for a long time to come. Let's see if I'm right. And thanks again to Skook for the number crunching. Where's that OC for him, eh? :-) Jimmy One little PS - if you are (as I am) in the market for a house on the island, I now think a bargain is going to be a tough thing to come by barring any huge market collapse over the next year. After a Spring market like this one, sellers are going to take some convincing to come to the table with a reasonable compromise. and yet a whole world of economists is telling us this is the most overheated housing market on the planet... |
|||
« Next Oldest | Next Newest »
|
Users browsing this thread: 1 Guest(s)