The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 177 units in December 2019. This was a decrease of 18.8% from December 2018.
On an annual basis, home sales totalled 4,134 units over the course of 2019, down 6.1% from the same period in 2018.
“Looking past some monthly volatility to end the year, 2019 overall was a solid if average year for home sales, roughly in line with the last five or so years,” said Leah Mayer, President of the BC Northern Real Estate Board. “With the market balance tracking on the tighter side of balanced territory, the average home price finished in 2019 was up about 5% from 2018.”
The average price of homes sold in December 2019 was a record $348,779, rising 18.8% from December 2018.
The more comprehensive annual average price for 2019 was $310,548, up 5.1% from all of 2018.
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 December 2019 was $61.7 million, edging down 3.6% from the same month in 2018. This was still the second highest December level on record.
There were 176 new residential listings in December 2019 – a record low for the month. It was down 20% on a year-over-year basis.
Active residential listings numbered 1,534 units at the end of December, up 2.2% from the end of December 2018 but below the same time is the 10 previous years.
Months of inventory numbered 8.7 at the end of December 2019, up from the 6.9 months recorded at the end of December 2018 but below the 10-year average of 9.6 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 214 units in December 2019, a decrease of 15.7% from December 2018. The total value of all properties sold was $74.3 million, falling 24.5% from December 2018.