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BC Northern home sales post best June in a decade

The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 539 units in June 2017. This was an increase of 10.5% from the previous June.

On a year-to-date basis, home sales totalled 2,189 units over the first half of the year. This was up 6.3% from the same period in 2016.

“June sales reached the highest level for the month in a decade, but an increase in new listings kept the market from shifting further in favour of sellers,” said John Evans, President of the BC Northern Real Estate Board. “That said, with the number of months on inventory still below historical averages, competition among buyers continues to push up prices.”

The average price of homes sold in June 2017 was a record $289,833, up 11.4% from June 2016. The year-to-date average price rose 6.7% from the first half of 2016 to reach $279,780.

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 June 2017 was $156.2 million, jumping 23.1% from the same month in 2016. This was the highest level of any month on record.

There were 918 new listings on the Board’s MLS® System in June 2017, up 18.1% on a year-over-year basis.

Active residential listings on the Board’s MLS® System numbered 2,729 units at the end of June, a decline of 9.6% from the end of June 2016. This was the lowest level for active listings at this time of the year in a decade.

There were 5.1 months of inventory at the end of June 2017, down from 6.2 months at the end of June 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 621 units in June, rising 9.9% from June 2016. The total value of all properties sold was $167.4 million, up 18.8% from June 2016.

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.