The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 213 units in February 2020. This was down 7.4% from February 2019.
On a year-to-date basis, home sales totalled 395 units over the first two months of the year, declining 8.8%from the same period in 2019.
“Home sales continue to come in close to average levels, which remains well balanced against inventories that are also trending below most of the last decade,” said Leah Mayer, President of the BC Northern Real Estate Board. “That combination is keeping some upward pressure on prices to start 2020.”
The average price of homes sold in February 2020 was $301,518, up 4.6% from February 2019.
The more comprehensive year-to-date average price was $303,209, rising 5.4% from the first two months of 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 February 2020 was $64.2 million, edging down 3.2% from the same month in 2019.
There were 393 new residential listings in February 2020. This was a 6.2% decline on a year-over-year basis.
Active residential listings numbered 1,653 units at the end of February, up 5.3% from the end of February 2019.
Months of inventory numbered 7.8 at the end of February 2020, up from the 6.8 months recorded at the end of February 2019 and very close to the 10-year average of 8 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 245 units in February 2020, a decrease of 11.2% from February 2019. The total value of all properties sold was $70.5 million, down 10.7% from February 2019.