The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 507 units in May 2017. This was an increase of 16.3% from the previous May.
On a year-to-date basis, home sales totalled 1,650 units over the first five months of the year. This was up 5% from the same period in 2016.
“May 2017 was the first time in a decade that more than 500 homes traded hands in the month of May,” said John Evans, President of the BC Northern Real Estate Board. “While an increase in new supply kept the market from moving further into sellers’ territory in May, current market tightness kept prices rising at more than twice the rate of inflation.” Evans cautions readers that these record sales may not be reflected in all communities. Our board covers a vast amount of the province, he added.
The average price of homes sold in May 2017 was $283,928, up 4.7% from May 2016. The year-to-date average price rose 5.2% from the first five months of 2016 to reach $276,496.
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 May 2017 was $144 million, jumping 21.8% from the same month in 2016. This was the highest level of any month on record.
There were 934 new listings on the Board’s MLS® System in May 2017, up 10.8% on a year-over-year basis.
Active residential listings on the Board’s MLS® System numbered 2,597 units at the end of May, a decline of 13.4% from the end of May 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 May 2017, down from 6.9 months at the end of May 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 587 units in May, rising 14.2% from May 2016. The total value of all properties sold was $157.6 million, up 17.5% from May 2016.