The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 229 units in December 2017. This was an increase of 46.8% from a quiet December in 2016, and also stood well above both the five and 10-year averages for the month.
On an annual basis, home sales totalled 4,293 units in 2017. This was up 5.5% from 2016.
“2017 proved to be a very stable year for the housing market in many communities within our Board area, with annual sales hitting a three–year high, and prices up four percent following a couple of years of more or less stable prices,” said John Evans, President of the BC Northern Real Estate Board. “On a seasonally adjusted basis, sales in December 2017 actually hit the highest level of any month in a decade, which suggests the market has some strong momentum heading into 2018.”
The average price of homes sold in December 2017 was $262,492, edging up 1.2% from December 2016. The annual average price rose 4% from 2016 to reach $274,131.
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 2017 was $60.1 million, climbing 48.6% from the same month in 2016.
There were 236 new listings on the Board’s MLS® System in December 2017, rising 22.3% from December 2016.
Active residential listings on the Board’s MLS® System numbered 1,725 units at the end of December, a decline of 6.6% from the end of December 2016. This was the lowest level for active listings in the month of December in a decade.
There were 7.5 months of inventory at the end of December 2017, down from 11.8 months at the end of December 2016 and below the long-run average 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 266 units in December, up 32.3% from December 2016. The total value of all properties sold was $67.8 million, up 7.4% from December 2016.