The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 389 units in October 2019. This was a decrease of15.4%from a historically strong October in 2018 but was still above the 10-year October average and in line with the five-year average.
On a year-to-date basis, home sales totalled 3,637 units over the first 10 months of the year, down5.3%from the same period in 2018 but more generally pretty close to each of the last seven years.
“Home sales continued to run near average levels in October,” said Leah Mayer, President of the BC Northern Real Estate Board. “That said, the balance of supply and demand in the market is still tilted more towards the tighter side of balanced territory. As such, the average home price is on track for a gain of about 5% this year.”
The average price of homes sold in October 2019 was$306,820, little changed (-0.5%) from October 2018.
The more comprehensive year-to-date average price was $309,327, up 4.7% from the first 10 months 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 October 2019 was $119.4 million, decreasing by15.9% from the same month in 2018. It was still the second-highest October on record.
There were 448 new residential listings in October 2019. This was down24.1%on a year-over-year basis, albeit from an unusually high level last October.
Active residential listings numbered 2,128 units at the end of October, up 4.1%from the end of October 2018 but still below the same time in every other year in the last decade.
Months of inventory numbered 5.5 at the end of October 2019, up from the 4.4 months recorded at the end of October 2018 but below the long-run average of 6.9 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 434 units in October 2019, a decrease of18.1%from October 2018. The total value of all properties sold was $129.6 million, falling 22.3% from October 2018.