The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 551 units in March 2021. This was more than double the levels from a year earlier, rocketing up 123.1% from March 2020. This was also a new sales record for the month of March and was the first time in the month where sales topped 500 units.
On a year-to-date basis, home sales totaled a record 1,162 units over the first three months of the year. This was a significant increase of 82.7% from the same period in 2020.
"Home sales post record smashing numbers in March as market conditions continue their hot streak," said Sandra Hinchliffe, President of the BC Northern Real Estate Board. "While we are starting to see much needed supply hit the market, low levels of active inventory continue to put upward pressure on home prices, leading to new average price records in the region."
The average price of homes sold in March 2021 was a record $374,433, up by 28.8% from March 2020.
The more comprehensive year-to-date average price was $360,950, an increase of 21.5% from the first three months of 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 March 2021 was $206.3 million, more than double the levels from a year earlier, leaping 187.3% from the same month in 2020. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history.
The number of new listings saw a substantial gain of 64% from March 2020. There were 779 new residential listings in March 2021. This was the largest number of new listings added in the month of March in five years.
Active residential listings numbered 1,364 units on the market at the end of March, a sharp decrease of 25.5% from the end of March 2020. Active listings haven't been this low in the month of March in more than 25 years.
Months of inventory numbered 2.5 at the end of March 2021, down from the 7.4 months recorded at the end of March 2020 and below the long-run average of 6.7 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.