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Bowen Island/Gulf Islands - help please?
01-25-2015, 08:37 AM, (This post was last modified: 01-25-2015, 08:42 AM by Skook.)
RE: Bowen Island/Gulf Islands - help please?
December 2014 Sales Stats

I can’t believe it! I have actually stumbled onto December sales stats for Bowen Island and other Gulf Islands. This past month, MacDonald Realty prepared what it’s calling ‘Market Hot Sheets’ for detached home sales for all lower mainland market areas. Here’s how to find the inaugural December 2014 Market Hot Sheet for Bowen & Gulf Islands.

Go to MR’s ‘MacBlog’ page (this links to it). Scroll down, look for and click on ‘Vancouver, North Shore and Tri-Cities Real Estate Markets – December 2014’ post. When it opens, scroll down to near the bottom and under ‘Surrounding Areas’ click on ‘Bowen Island/GulfIslands’. Hopefully, MR will run with this every month in 2015.

I have prepared the image below from that first Market Hot Sheet pdf. We learn that in December Bowen Island had 48 properties listed and that there were 4 sales. Now, there is already a mistake in this ‘Market Hot Sheet’ because another source shows that those 4 sales comprised of 3 home sales and 1 land sale. So, this calls into question that inventory number – is it combining home and land listings or is it strictly detached homes? (Would you know, JimmyWW?). This is something to keep in mind when looking at future reports.

MR is also indicating that Bowen Island is a “Buyers Market” because of that ‘dark’ blue bar on the right. The gray hash marks must represent the 55-60% (left) and 35% (right) sales-to-list ratios. Between the hash marks would indicate a “balanced” market.

I find this a “dumbed-downed” document. It is typical example of what is being produced now (including websites) to facilitate smartphone and iPad users. This coupled with Google’s algorithm change a few years ago that brought social media sites to the forefront in searches has made it increasingly difficult to find “real” fact-based and supported info. As this gathers steam, I am fast losing interest in the internet as a research and learning tool. (That’s my rant-of-the-day.)

[Image: attachment.php?aid=1053]

I found a second source of Bowen Island data. MacDonald Realty’s Bowen Island agent Dee Elliot posted a year end summary of sales on her Facebook page the other day. If you don’t want to contact her for a .pdf copy (which I couldn’t be bothered doing), here’s how to make it more readable: Click on the image and it will open in its FB photo album. Do a right click and pick ‘View Image’ and it will open as a separate album image. Click on image to magnify it. You can increase the image further if you save it to your Picture folder and use the magnifier in whatever image viewer application you have installed (like Windows Photo Viewer).

I was able to pull the monthly BI sales data from a chart in that summary and she shows December having 3 home sales and 1 land sale for a total of four sales. Here’s what else Elliot has to offer in her ‘Market Report for 2014 Sales’:

Quote:There were a total of 60 house and 14 land sales in 2014. The number of sales has trended upwards since the market correction in 2008, although we have not yet returned to pre-2008 numbers.

Housing sales ranged from $250,000 to $2,275,000. The average selling price was $750,336. On average, these homes sold for 115% of their taxed-assessed value and were on the market for 375 days before selling.

Land sales ranged from $151,000 to $2,150,000. The average selling price was $579,979. On average, these lots sold for 103% of their taxed assessed value and were on the market for 983 days before selling.

Bowen Island has the same problem as the Sunshine Coast – highly distorted average sales prices because all sales get thrown into the same pot regardless of house size, acreage size, waterfront or not, and sales price, etc., etc.

Combining Elliot’s and REBGV data along with my own calculations, I have created the following table. Unfortunately, you will have to contact an agent to fill in all the white space on the right.

[Image: attachment.php?aid=1054]

Here is my usual REBGV Bowen Island Benchmark Price table and chart. As you can see, December’s benchmark price rose by $7,400 and as a consequence the drop from peak rose as well to -5.8%.

[Image: attachment.php?aid=1055]

I blew up Elliot’s historical sales chart (2004-2014). Yeah, yeah I need her pdf; nevertheless, it’s the overall movement of the lines that tells us what we want to know. The “y” axis starts at 0 and increases by increments of 10 to a maximum of 90 and the “x” axis starts at 2004 and ends at 2014. The blue line is home sales and orange line is land sales. Real easy.

[Image: attachment.php?aid=1056]

So, that’s a wrap for 2014. JimmyWW predicted a while back that 2015 will be a pivotal year for sales and pricing and that prediction has been given momentum with the current oil shock and its ramifications for the Canadian economy. Of course, that is on the “macro” level. On the “micro” level, we have the collapse of the Wakefield Construction and it, too, could be felt in the months ahead if BI business owners and former Wakefield employees and subcontractors are unable to meet their mortgage obligations as a consequence. This will be an interesting year - don’t change the channel!

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Messages In This Thread
RE: Gulf Islands - help please? - by Skook - 02-08-2014, 08:50 AM
RE: Gulf Islands - help please? - by JimmyWW - 02-12-2014, 09:50 AM
RE: Gulf Islands - help please? - by navier - 03-03-2014, 09:31 PM
RE: Gulf Islands - help please? - by JimmyWW - 03-05-2014, 09:40 AM
RE: Gulf Islands - help please? - by navier - 03-08-2014, 07:34 AM
RE: Gulf Islands - help please? - by JimmyWW - 03-08-2014, 05:01 PM
RE: Gulf Islands - help please? - by JimmyWW - 03-05-2014, 12:15 PM
RE: Gulf Islands - help please? - by Skook - 03-05-2014, 01:32 PM
RE: Gulf Islands - help please? - by JimmyWW - 03-06-2014, 03:28 AM
RE: Gulf Islands - help please? - by Skook - 03-08-2014, 06:26 PM
Some more thinking... - by JimmyWW - 03-10-2014, 11:39 AM
RE: Gulf Islands - help please? - by navier - 03-10-2014, 03:24 PM
RE: Gulf Islands - help please? - by Skook - 03-10-2014, 03:55 PM
RE: Gulf Islands - help please? - by JimmyWW - 03-10-2014, 04:19 PM
RE: Gulf Islands - help please? - by Skook - 03-20-2014, 01:36 PM
RE: Bowen Island/Gulf Islands - help please? - by Skook - 01-25-2015, 08:37 AM

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