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BC Northern home sales down year-over-year in January

The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 182 units in January 2020. This was a decrease of 10.3% from January 2019.

“Home sales are currently trending slightly below average, although in fairness we are in the winter months where sales volumes are typically low and a difference of a dozen or so sales up or down can look like a bigger deal in percentage terms,” said Leah Mayer, President of the BC Northern Real Estate Board. “Additionally, the initial slowdown in sales in December came alongside a big drop in new listings, so buyers had less choice at the end of last year and the start of 2020. New listings now seem to be rebounding, so we’ll see if that translates into a rebound in sales in the months ahead.”

The average price of homes sold in January 2020 was $305,188, up 6.4% from January 2019.

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 January 2020 was $55.5 million, down 4.6% from the same month in 2019.

There were 402 new residential listings in January 2020. This was little changed, edging down just 0.2% (one listing) on a year-over-year basis.

Active residential listings numbered 1,515 units at the end of January. This edged up 1% (15 listings) from the end of January 2019 but was below the rest of the last decade.

Months of inventory numbered 8.3 at the end of January 2020, up a bit from the 7.4 months recorded at the end of January 2019 but a little below the 10-year average of 8.9 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 211 units in January 2020, a decrease of 15.6% from January 2019. The total value of all properties sold was $62.4 million, down 8.1% from January 2019.

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.