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BC Northern home sales dip slightly below average in August

The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 383 units in August 2017. This was a decline of 12.6% from the previous August.

On a year-to-date basis, home sales totalled 2,936 units over the first eight months of the year. This was up 0.4% from the same period in 2016 and on par with levels from 2015.

“Home sales remained at more moderate levels in August compared to a few months ago, which was not unexpected given the ongoing wildfire situation in many parts of the Cariboo region,” said John Evans, President of the BC Northern Real Estate Board. “While the market is well-balanced overall, it has tightened a little over the last year and the average price is heading higher.”

The average price of homes sold in August 2017 was $288,175, up 8.8% from August 2016 to the second highest level on record. The year-to-date average price rose 6.7% from the first eight months of 2016 to reach $281,072.

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 August 2017 was $110.4 million, falling 4.9% from the same month in 2016.

There were 679 new listings on the Board’s MLS® System in August 2017, edging down 1.3% on a year-over-year basis.

Active residential listings on the Board’s MLS® System numbered 2,794 units at the end of August, a decline of 4.8% from the end of August 2016. This was the lowest level for active listings at this time of the year in a decade.

There were 7.3 months of inventory at the end of August 2017, up a bit from 6.7 months at the end of August 2016 and in line with 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 439 units in August, falling 14.1% from August 2016. The total value of all properties sold was $122.6 million, down 45.8% from August 2016. That decline reflects an aberrantly high non-residential dollar volume last August.

Important information

The BC Northern Real Estate Board is an association of about 370 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.