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BC Northern home sales continue to improve – back near 10-year average in September

The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 371 units in September 2018. This was down 9.5% from a three-year high for September in 2017.

On a year-to-date basis, home sales totalled 3,382 units over the first nine months of the year. This edged up 1.1% from the same period in 2017 and stood slightly above 2015 and 2016 as well.

“Home sales have been steadily improving from this year’s low point in February, and that trend continued to play out in September with activity back running in line with the 10-year average for that month,” said Court Smith, President of the BC Northern Real Estate Board. “Meanwhile, with inventories at their lowest level in over a decade, prices are on track for a gain of about 5% in 2018.”

The average price of homes sold in September 2018 was $286,886, up 9.4% from September 2017.

The more comprehensive year-to-date average price was $293,771, up 5.4% from the first nine months of 2017.

The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available over a vast geographic area (the Board serves an area covering over 600,000 square kilometers or 72% of the province).

The dollar value of all home sales in September 2018 was $106.4 million, edging down 1% from the same month in 2017.

There were 520 new residential listings in September 2018. This edged up 1.6% (eight listings) on a year-over-year basis but remained below all other Septembers going back to 2003.

Active residential listings numbered 2,283 units at the end of September. This was a decrease of 10.2% from the end of September 2017 and was the lowest number of active listings for this time of the year since 2007.

Months of inventory numbered 6.2 at the end of September 2018, unchanged from the end of September 2017 and below the long-run average of 7.5 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Sales of all property types numbered 421 units in September 2018, down 7.7% from September 2017. The total value of all properties sold was $113.2 million, edging down 3.2% from September 2017.

Important information

The BC Northern Real Estate Board is an association of about 390 REALTORS® that provides services to and sets standards for members.

The BC Northern Real Estate Board covers the northern part of British Columbia, including Bulkley Nechako, Cariboo, Fraser Fort George, Peace River/Fort Nelson, and Skeena/Queen Charlottes.