The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 269 units in January 2021. This was a large increase of 51.1% from January 2020. Residential sales haven't hit this level in the month of January in more than a decade.
"Home sales continued at their breakneck pace in January with no signs of slowing down," said Shawna Kinsley, President of the BC Northern Real Estate Board. "New listings, on the other hand, are barely treading water compared to historical levels. With such strong demand, overall supply has fallen to the lowest levels in more than two decades amid the tightest housing market this region has ever seen."
The average price of homes sold in January 2021 was $339,608, rising 12.6% from January 2020.
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 2021 was $91.4 million, a large increase of 70.2% from the same month in 2020. This was also a new record for the month of January.
There were 384 new residential listings in January 2021. This was down 6.1% from the end of January 2020. This was the lowest number of new listings added in the month of January in more than 25 years.
Active residential listings numbered 1,104 units at the end of January. This was a large decline of 34.8% from the end of January 2020. Active listings haven't been this low in the month of January in more than 25 years.
Months of inventory numbered 4.1 at the end of January 2021, down from the 9.5 months recorded at the end of January 2020 and below the long-run average of 9.1 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.